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Hoptrail and Recap secure InnovateUK grant funding to develop crypto onboarding tools 

March 14, 2024

We are delighted to announce that Hoptrail has secured grant funding from InnovateUK, the UK government's innovation agency, to develop automated crypto onboarding tools for professional services. The £300,000 award was secured as part of a consortium of leading UK crypto tax, accounting, and AML providers, led by crypto tax calculation service Recap.

Hoptrail CEO and Founder, Henry Burrows said:

"We're thrilled with the award, and even more excited to develop the tools we know will help thousands of professional and financial services firms. We're seeing more and more companies deal with the headache of customer onboarding when it comes to crypto, and it seems clear to us that tools are needed to build a robust, reliable, and efficient diligence process. It makes even more sense to do it with Recap, Andersen, and Wright Vigar, who have extensive crypto expertise in this area. We can't wait to get started."

Highlights

  • The £300k grant is awarded to develop a privacy-focused crypto tax and client due diligence platform.  The initial focus will be on accountants and professional services, followed by financial services.

  • The project brings together a consortium including Hoptrail, global accounting firm Andersen LLP, and crypto tax specialists Wright Vigar, to enhance transaction processing and automate crypto asset tracking by combining existing tax and AML tools.

  • The initiative aims to reduce manual data entry, streamline customer onboarding with source of fund checks, and offer an efficient solution for services firms.

  • The grant from Innovate UK supports a 12-month development project, which is expected to be the first-of-its-kind automated onboarding tool for crypto services.


Read the announcement in Finextra here.

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