Labrys Challenge Finalist 2017

October 12, 2017

Labrys QUT bluebox Challenge Finalist 2018

Blockchain technology may be a development that shapes our new tech era. However, it is still relatively new and companies may not have the skills within their personnel to use it themselves. An opportunity that they would not want to miss. This is where Labrys comes in. They can help develop and advise on distributed ledger technologies.

Q&A with Labrys founder Lachlan Feeney

Who is Labrys?

Labrys was co-founded by QUT alums Lachlan Feeney and Taber Silver. Both founders have walked slightly off the beaten track of regular young students.

Lachlan had an interest in I.T and economics from a young age and wanted to find out how trading works. Even as a child, he had entrepreneurial leanings. He laughs at the thought of his very first ‘venture’ at the age of eight selling temporary tattoos he made with a little machine, his own version of the ‘lemonade stand’.  However, fast-forward 10 years and his interest led him to starting up the QUT Trading and Investment Club with Taber and becoming an early adopter of cryptocurrency which then prompted him into blockchain technology.

“We ran the QUT Trading Club like a business rather than a club, and it was through these connections that I met my colleague to create Labrys,” Lachlan said.

Since then Labrys has grown and is now made up of a team that aims for practical and meaningful technological innovation that will drive the world to a better future.

Lachlan explains there is more to Labrys than meets the eye, they want to be instrumental in the evolution of the financial industry, enabling financial markets to be more inclusive, fair, and nurturing to new ideas.

What does Labrys do?

Labrys is a Brisbane based technology startup that specialises in distributed ledger technology.

“Clients come to us with specific request of integrating blockchain technology in to what they want to build. Blockchain technology can get quite complex but essentially, it's an alternative database solution that is designed to keep multiple different parties in sync with each other and ensure that they can trust each other. So you won't have one single registry, you'll have multiple different parties all storing the data, and securing the data so it results a safer more trusted experience. Because of this there are a lot of business wanting to explore the technology,” Lachlan said.

Greatest Labrys success to date

“The Australian stock exchange is replacing their I.T system with a blockchain, and we are actually working for a client who is building an unlisted competitor to that platform.

There are a quite substantial costs and overheads for a company to list on a public exchange like the ASX, we're building an exchange that allows  companies who are either too small to front such costs but still want people buying and selling their stocks. The platform is already up and live down and there's over 150 million dollars’ worth of shares trading on that platform. We it built from scratch!”

Biggest challenge with starting up Labrys?

Lachlan explains one of the challenging aspects of starting up Labrys is that blockchain is an emerging technology meaning experts are rare.

“The most challenging thing has probably been finding talent and employees. Blockchain development is highly sought after in the job market all over the world at the moment. It is not a skill that is taught at universities yet. There are very few courses so if you are a blockchain developer at the moment you’d have to be self-taught so it’s hard to find that skillset,” he said.

On the name ‘Labrys’

“Labrys is actually lydian for a double-edged axe. Because our initial focus revolved around financial markets, the name was symbolic of market prices swinging both ways. As traders ourselves, we knew that the sooner you understand that, the better equipped you are to profit from financial markets. We actually have a real Labrys in our Brisbane office to remind us of this, clients love it!“

Support Labrys  

Find out more about Labrys

Vote for iNSPIRE to win the QUT bluebox Challenge Crowd Vote

Get your tickets to watch Labrys’s Lachlan Feeney pitch live at the QUT bluebox Challenge Gala

On the QUT bluebox challenge

“The QUT bluebox Challenge pitch workshop has been valuable.  I really enjoyed meeting some of the other teams. We might be in competition, but we all got along really well and had very good conversations. It was pretty cool hearing what other people are up to in the space. Brisbane has quite a vibrant startup culture but you don’t get to hear bout too much unless you go digging.”

On possibility of winning the Challenge

“It would mean a lot to win the Challenge because our biggest problem at the moment is scaling up. We have clients who want us to do work for them but we're trying a scale and a part of scaling means the funds to bring on more employees to run projects. So it would it would help us work towards solving our single biggest challenge.”

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