SETL, the London based institutional payment and settlement infrastructure provider which uses blockchain technology, announced that Citi and Credit Agricole have both taken stakes in the company. Additionally, Computershare have increased their investment, and Stuart Irving, Group CEO of Computershare has joined the board.
Citi and Credit Agricole, join Computershare, S2iEM and Deloitte as shareholders in the company.
SETL was launched in July 2015 to deploy a multi-asset, multi-currency institutional payment and settlements infrastructure based on blockchain technology. The SETL system enables market participants to move cash and assets directly between each other, facilitating the immediate and final settlement of market transactions. The SETL system maintains a permissioned distributed ledger of ownership and transaction records, simplifying the process of matching, settlement, custody, registration and transaction reporting.
SETL’s Chairman, Sir David Walker, said: “I am delighted to welcome Mr Irving to the board and to thank our existing directors for their guidance and counsel over the past two years. Stuart Irving bring a wealth of experience in the financial, regulatory, IT and public company spheres. His contribution to the board process will be of significant benefit to the executive team and shareholders and stakeholders alike.
With the encouragement of shareholders and the revenue generating projects we have recently announced we are adding significantly to the strength to the company. At this stage in the company’s development it is important to choose the right projects and to deliver a dependably resilient product to the market.”
Stuart Irving noted that Computershare, the leading global share registrar, is convinced that the future of building systems that record ownership depends on them having provability at their core; and that this feature of the SETL offering is a significant competitive differentiator.
Peter Randall, CEO of SETL, added: “We are pleased to announce that we have extended our shareholder register with both new and existing partners and have agreed the scope of a number of revenue generating projects.
We are unique in having both a financial grade product and a proven deployment route. SETL has successfully deployed multiple environments capable of processing in excess of 80,000 transactions per second across real world, globally distributed networks with over 100 million concurrent accounts.”
As a result of this technological capability SETL have already received significant further indications of interest in our OpenCSD product. SETL continues to develop market infrastructures, like IZNES, which now has over 20 major European fund managers and is likely to become the largest global blockchain by both value and volume as more managers migrate to it.
