What is it?
A project which has been going on for two years, even though the formal registration of the company only took place in mid-2017. It is essentially a collective of technologists, academics and IT industry experts who share the belief that Distributed Ledger Technology (DLT) will disrupt the way transactions and agreements are executed. The company is focused on research and development to transition DLT from theory to reality by building platforms and innovative applications. We believe Ledger Projects was in fact the first local company to launch a fully fledged DLT based application - LP01, which is, at its core, an asset transfer management tool.
Who is behind it?
Nine very talented people from different backgrounds and with different skill sets who today are also great friends. David Schranz, who co-owns the company, has been a fixture in the local IT sector for a number of years and is widely regarded as a brilliant software designer and successful businessman. Dr Sarah Mamo is the other owner of the company, she is a lawyer by profession who worked at one of the island's most renowned firms for 12 years and represented some of Malta's leading enterprises operating in financial services and real estate. Ledger Projects is also very fortunate to have Dr Abdalla Kablan on board as the company's science and technology mentor. Abdalla is well-known all over the world and is regarded as a fintech expert and formidable data scientist.
How was it funded?
So far, the company was funded entirely through shareholders funds. In fact, we were surprised to receive quite a few investment offers in the last few months, which we have declined. Some of the people involved in this company have worked together before, and they have obtained some interesting results. We therefore feel it is too premature to involve third parties. The sector is in constant evolution, and since the technology is still in its infancy, long term planning is quite impossible. For the moment we wish to maintain the balance that exists and limit accountability to other parties as much as possible. Of course, we do not exclude our position may change in the future.
Dr Sarah Mamo, co-owner of Ledger Projects, is a lawyer by profession who has worked as a legal counsel for a number of Malta’s leading establishments operating in Financial Services, Real Estate & Commerce.
What are your plans for the future?
2018 will be a great year for this sector. We are certain the Government of Malta will achieve its ambitious objective to make our country a world-leader in economic innovation and specifically in the sectors of DLT and cryptocurrencies. We will definitely attempt to obtain formal accreditation from the new regulator, the Malta Digital Innovation Authority (MDIA). We will continue working on LP01 to facilitate the inclusion of more stakeholders to ultimately create a relevant and functional ecosystem. We are also actively trying to identify companies both locally and overseas that might be interested in collaboration on other projects.
Why did you choose Malta to do what you are doing?
First of all, Malta is the home country of most of the team, even though many of us have worked abroad. But the Government of Malta is investing so much time, energy and resources to make our island a centre of excellence for disruptive and new technologies that we believe that Malta will soon become a natural home to many non-Maltese people investing in these areas. Both the Prime Minister and the Parliamentary Secretary for Financial Services, Digital Economy and Innovation are on record saying that their vision is to replicate Malta's success in the iGaming sector in the area in which we operate. We are confident this will be achieved. Furthermore, the talent pool available in Malta is very strong and the Faculty of ICT at University of Malta is offering new courses on Blockchain and Artificial Intelligence. In our view, the situation will only continue to improve.
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