Blockchain startup SETL backed by Citi and Credit Agricole

In addition to Citi and Credit Agricole taking stakes in the company, Computershare has increased its investment and Stuart Irving, Group CEO of Computershare, has joined SETL’s board, according to Econotimes.

Launched in July 2015, SETL aims 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. It maintains a permissioned distributed ledger of ownership and transaction records, simplifying the process of matching, settlement, custody, registration and transaction reporting.

The startup 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, according to the company’s official press release.