A bitcoin-based blockchain wallet application developed by LHV Bank and industry startup ChromaWay has won the Estonian Banking Association’s 2016 Innovation Award.

The app was selected over of entries by Nordic banks SEB and Swedbank and cross-border money transfer startup Transferwise due to what judge and CEO of Rate Solutions Andrei Korobeinik said in statements was its uniqueness among entrants.

While Korobeinik acknowledged the app might not have yet proved a commercial success, he praised it for working “out of the box” and said that LHV Bank showed courage in embracing blockchain innovation at an early stage.

The wallet was introduced last spring, making LHV Bank one of the first major global banks to announce it was working actively to understand the potential of bitcoin and blockchain technology. The app allows users to exchange digital currencies pegged at a one-to-one rate with the euro.

Other judges included technology journalist Henrik Roonemaa; Tallinn University of Technology’s Tea Varrak; and the managing director of Estonian professional network EstBAN, Heidi Kakko.

Founded in 1992, the Estonian Banking Association is a union of 13 commercial banks representing 98% of the banking sector’s assets according to its marketing materials.

Estonian currency image via Shutterstock

Disclaimer Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.