Ed Budd and Julio Faura, formerly in charge of tech innovations at Deutsche Bank and Santander, have set up a new venture aimed at taking blockchain tech to emerging markets.

The pair launched Adhara, which offers payments technology to emerging markets banks, over the summer. The venture, which has a presence in the UK, Spain and South Africa, is using Quorum — the open source blockchain software developed by JPMorgan — and is backed by ConsenSys, a New York-based blockchain consultancy.