Bitcoin custodian Elliptic has been selected to compete for a $50,000 prize in the Startup Challenge Finale at SWIFT’s Sibos conference.

Some 370 companies applied to take part in the challenge and Elliptic was one of 15 companies selected to compete in the Innotribe Startup Challenge showcase, which took place in London last week.

Elliptic was one of two finalists in the growth-stage startup category, the other being xWare42, which enables banks to give customers additional information on their bank statements about their purchases.

"We're very pleased to have been selected as finalists. Strong interest in blockchain technology from established financial players has led to growing demand for Elliptic's services, and and this has been recognised by the judges," said James Smith, CEO at Elliptic, adding:

The three finalists selected in the early-stage startup category were Pariti Technologies, which offers tools, guidance and access to low-cost loans; Revolut, which allows customers to exchange currencies at interbank rates; and Sedicii, which eliminates the transmission, storage and exposure of private data during identity verification.

Elliptic, which uses blockchain technology to transfer and manage a range of financial assets, will travel to Singapore this October to take part in the final round of the challenge at the Sibos conference.

Sibos is an annual financial services event visited by around 7,000 attendees from financial institutions and technology companies across the globe. It focuses on the future of payments, securities, cash management and trade.

Fabian Vandenreydt, head of markets management at Innotribe and the SWIFT Institute, said the London showcase was a "great kick-off to the Innotribe Startup Challenge".

"Fintech investments in Europe have been on the rise for the last couple of years, with London ranking at the top position. With many financial services companies and large banks having their headquarters in the city, London is definitely a unique innovation environment for the startup community," he added.

Further finalists will be selected at regional showcases to be held in Cape Town, Singapore and New York over the next two months.

InnoTribe image via InnoTribe/YouTube