EGAAS S.A., a company incorporated in Luxembourg and a LHoFT fellow, has announced a service agreement with SnapSwap International S.A., a leading provider of innovative compliance and payment solutions, to cooperate on the launch of the Apla Blockchain Platform and the sale of APL (internal tokens of the Apla platform).

As part of the arrangement between EGAAS and SnapSwap, the latter company will, under the European electronic money license currently held by SnapSwap, allow its clients to buy and sell a virtual currency of the platform named “APL” using the existing payment infrastructure of SnapSwap to process payments in fiat currencies. The APL virtual currency will be sold by EGAAS in Luxembourg.

SnapSwap will offer a number of other services to the users of the Apla Blockchain Platform, i.e., KYC (Know Your Customer) of new users.

Oleg Strelenko, Founder of EGAAS S.A. dba Apla explained: “We consider this arrangement a breakthrough event in the development of the blockchain industry in Luxembourg and worldwide. Apla sets new AML/CFT compliance, governance and usability standards for blockchain platforms to boost mass deployment of the blockchain technology by enterprises and financial institutions. It is the first platform to enable ongoing monitoring of transactions with the platform’s virtual currency, i.e., APL tokens, by regulated financial institutions.

Denis Kiselev, CEO of SnapSwap International S.A. added: “We consider Apla the major next- generation blockchain protocol that enables the implementation of real use-cases addressing the needs of the global economy and beyond. SnapSwap is the first electronic money institution licensed by a European regulator to open accounts with IBAN numbers to Apla users for processing EUR/APL token exchange transactions.”

EGAAS believes that Apla will facilitate the mass adoption of blockchain technology by small and medium sized enterprises and drive innovation, better use of human capital, and positive changes in the society.

Apla is an original and fully functional blockchain platform developed by the EGAAS team. It will be ready for launch in Autumn 2018. Apla is offering a secure, simple and compliant blockchain infrastructure for a fast-growing global collaborative economy segment. Small and medium size enterprises will benefit from reducing operational costs and go-to-market times, fundraising solutions at an early development stage, automation of business processes, an integrated settlement system, AML/CFT (Anti Money Laundering / Combating the Financing of Terrorism) compliant infrastructure, trustless cooperation, business scalability and global reach of their products and services to end customers.

SnapSwap offers a fully automated online and mobile on-boarding solution for banks, insurance companies, the investment industry and other financial services. SnapSwap holds an Electronic Money license passported to all European countries.