Chromaway

blockchain

FOUNDING YEAR: 2014
LOCATION: Sweden
Last Update: 08/09/2020

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About

ChromaWay offers blockchain as a platform for financial institutions and is working on a smart contract platform that allows for digitizing and representing workflows in a secure, private and efficient way. The platform built for colored coins which are currently being used for many real world transactions on the Bitcoin network.

MEDICI Analysis

ChromaWay offers blockchain as a platform for financial institutions and is working on a smart contract platform that allows for digitizing and representing workflows in a secure, private and efficient way. The platform built for colored coins which are currently being used for many real world transactions on the Bitcoin network.

Focus

PRODUCTS & SERVICES

Chromawallet for trading of coloured coins

REVENUE MODEL

SAAS model, licensing, maintenance, support, features (In the future transaction fees).

MAIN CLIENTS

Landshypotek Bank

SBAB

Andhra Pradesh Government

Telia

Lantmateriet

LHV

Funderbeam

EXISTING PARTNERSHIPS

The company has partnered with Funderbeam

LHV Bank.

PRIMARY PROBLEM SOLVED

ChromaWay developed a unique smart contract product which automates and streamlines business process workflows. Today's problems in workflow products are that normal workflow products only digitize one process within one organization. We bring trust to workflows so organizations and institutions will be able to share the process between them without the need to trust each other making the process much more streamlined, much more secured and much more automated and transparent. For example take a look at the closure process in a mortgage transaction, a complex process between a couple of actors which is usually very complex and entitled to lots of fraud, by the use of our product we can eliminate fraud, streamline the process and increase transparency. So we don't only record the asset on the blockchain, we are recording the entire process.

company provided insights

Traction

REVENUE

$100k - $499

TRANSACTIONS COMMENT:

All our customers are paid customers.

ACTIVE USERS:

8 paying clients

ACTIVE USERS COMMENT:

Customers from Europe and Asia.

People

FOUNDERS

Henrik Hjelte

Alex Mizrahi

Or Perelman

Ludvig Öberg

BOARD MEMBERS AND ADVISORS

Alex Mizrahi

Henrik Hjelte

Iddo Bentov

Or Perelman

NUMBER OF EMPLOYEES

11-50

INVESTORS:

Petter Lindström

Plug and Play FinTech

Rain Lõhmus

RubyLight

Vinnova

Vitaly Rubstein

KEY EMPLOYEES:

Henrik Hjelte(CEO); Alex Mizrahi(CTO); Or Perelman(COO)

Momentum

FUNDED

NO

TOTAL FUNDING

$260 K

DATE OF LAST FUNDING

Oct 2018

SEED & PRIOR FUNDING

$260 K

LISTED

NO

Innovation Programs

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Chromaway

About

ChromaWay offers blockchain as a platform for financial institutions and is working on a smart contract platform that allows for digitizing and representing workflows in a secure, private and efficient way. The platform built for colored coins which are currently being used for many real world transactions on the Bitcoin network.

Focus

PRODUCTS & SERVICES

ChromaWay developed a unique smart contracts to streamline business process workflows and private blockchain products to enable different kind of use-cases to be built on top, while the first use-case of ChromaWay's focus is real-estate and mortgage transactions, we also see demand for other use-cases as well in different sectors.

REVENUE MODEL

SAAS model, licensing, maintenance, support, features (In the future transaction fees).

TOP PROBLEM SOLVED

ChromaWay developed a unique smart contract product which automates and streamlines business process workflows. Today's problems in workflow products are that normal workflow products only digitize one process within one organization. We bring trust to workflows so organizations and institutions will be able to share the process between them without the need to trust each other making the process much more streamlined, much more secured and much more automated and transparent. For example take a look at the closure process in a mortgage transaction, a complex process between a couple of actors which is usually very complex and entitled to lots of fraud, by the use of our product we can eliminate fraud, streamline the process and increase transparency. So we don't only record the asset on the blockchain, we are recording the entire process.

PRODUCT DEVELOPMENT STAGE

MVP

PRODUCT DEVELOPMENT COMMENT

We will be launching our products in 2.5 months.

KEY DIFFERENTIATORS

*Privacy - the people which are involved in our contract are the only ones who can see the data in the contract and no one else. Interopabiity - we can make blockchains interop with each other. And more differentiation which will be public soon.

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

PRODUCT ATTRIBUTES

SaaS

Traction

ANNUAL REVENUE:

$100k - $499

TRANSACTIONS VALUE:

0.00

TRANSACTIONS COMMENT:

All our customers are paid customers.

ACTIVE USERS/ACCOUNTS:

8 paying clients Million

ACTIVE USERS COMMENT:

Customers from Europe and Asia.

LIVE USERS/TRANSACTIONS:

Yes, in trial/pilot

How will you grow the number of users/accounts/transactions?

Network effect, direct sales, channel partners.

CHANNEL STATUS

INITIAL CLIENTS

NUMBER OF CLIENTS OR PAYING CUSTOMERS

8

People

NUMBER OF EMPLOYEES

1-10

KEY EMPLOYEES:

employee: Henrik Hjelte(CEO);

employee: Henrik Hjelte(CEO);

employee: Henrik Hjelte(CEO);

BOARD MEMBERS AND ADVISORS:

Henrik Hjelte, Alex Mizrahi, Or Perelman, Iddo Bentov

INVESTORS:

Petter Lindström

Plug and Play FinTech

Rain Lõhmus

RubyLight

Vinnova

Vitaly Rubstein

Momentum

FUNDED

YES

FUNDING COMPLETED

NO

LISTED

NO