Bitcoin exchange company Bitcove won the Bank of Ireland/Ignite Business of the Year Award 2015, which took place in UCC last night (June 24).

Bitcove, along with 10 other enterprising young businesses, was recognised at the Ignite Graduate Business Innovation Programme Awards and showcase, held at the Aula Maxima in UCC.

This competition celebrated the progress and achievements to date of the 16 recent Ignite graduates, working on 11 business startups, who participated in the 2014/15, nine-month business incubation programme.

The awards were made based on presentations participants gave to the judging panel that included Diarmuid Lynch, flagship manager at Bank of Ireland, and Orla Rimmington, partner at Kernel Capital.

The Business of the Year Award 2015 was presented to Bitcove founders, UCC graduates and brothers James and Peter Nagle.

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Bitcove is an online crypto currency broker that provides a simple avenue for customers to acquire, maintain and transact with their Bitcoins.

Two further awards were made in recognition of business planning and innovation. The EY/Ignite Business Plan Award was presented to Dr Eileen Weadick, founder of eXtensicon.

Weadick, a UCD PhD graduate, is developing online competency based education programmes in technical communications.

The J.W. O'Donovan Solicitors/Ignite Innovation Award went to UCC graduate Peter Marcano, founder of Key, who demonstrated the most innovative use of technology to deliver his service.

Key provides an easy and secure way to log into password-protected computers and websites, without needing to remember a password.

Regardless of the password length or complexity, all you need to sign in is your mobile phone.

Marcano was also winner of the Ignite Peer Award, the only award voted on by the Ignite 2015 participants.

Bank of Ireland's Diarmuid Lynch said that the calibre of the business presentations was very high.

“It is incredible how far each of the business has progressed over the past nine months on the Ignite Programme.

“Each of the startups that presented to the judging panel demonstrated true entrepreneurial spirit and steadfast determination, and each has the potential to develop successful businesses.”

Eamon Curtin, Ignite programme director, added: “As we come to the end of the fifth phase of the Ignite Programme, it's clear that entrepreneurship is thriving amongst recent graduates, and the calibre out there is getting stronger as more supports become available to young entrepreneurs.”