Bitcoin wins again, this time at the 2015 Deloitte Top Technology Talent Competition. TransferB, a bitcoin remittance start-up won the first place in this annual competition organized by Deloitte’s Ireland division. The start-up founded by two college students offers faster and an economical alternative for fund transfer across the world.
TransferB is the brainchild of Claire Kelleher and Peter Nagle, both university students who also happen to great fans of Blockchain technology. They built the start-up around their interest of Bitcoin and Blockchain technology to reduce the cost of remittance for international transfers which will greatly benefit students.
TransferB is planning to go head on against the conventional remittance businesses which make a revenue of about $35 billion per year as remittance fees. Their startup will be offering their services for a flat 2 percent compared to the current average of about 7-10 percent charged by traditional players. Apart from running multiple beta tests, the company is already in talks with major bitcoin players to convert bitcoin into local currencies.
As the winners of Deloitte Top Technology Talent Competition, the founders will be receiving training and mentorship from Deloitte along with a free trip to Denver, Colorado where they will undergo internship at the company’s North America Headquarters.
Running successfully from the past 5 years, Deloitte Top Technology Talent competition invites application for innovate ideas from 3rd level students across Ireland. These ideas should involve using technology to solve business problems, creating business opportunities and/or enhance existing service offering.
The competition accepts entries in various stages of development, ranging from idea stage start-ups to those with ready prototypes or minimum viable product, provider the applicants can exhibit their passion and understanding of technology and challenges faced by companies.
The revolutionary idea and the recent most versatile technology behind TransferB in the form of Blockchain technology combined with the founders’ passion towards the project ensured that Claire and Peter emerged victorious in the competition. The impact Blockchain technology can bring about in foreign remittance market has been already proven by other companies like Bitreserve and BitPesa, but the market is full of opportunities, which TransferB intends to take advantage of.