IndustryTap has reported on blockchain technology from its alleged founder, Satoshi Nakamoto, to its legalization by the New York State Department of Financial Services (NYDFS) and its role as a juggernaut that will change the world. Clearly, the future of transactions and commerce is being rewritten on the back of emerging technologies that will shock current financial marketplaces and financial services institutions. And based on my recent visit with a financial advisor, things need to be shaken up, for good!
Lots of Innovation in FinTech
A case in point, London-based startup, SETL, has created a new multi-asset, multi-currency institutional payment and settlement platform called OpenCSD, using block chain technology. SETL will help market players move cash and assets directly to each other while providing easy, real-time information and final settlement of these transactions.
SETL has been scaled up to process over 1.4 billion transactions a day and has been tested in Australia in collaboration with Computershare. SETL’s management is busy fundraising and convincing investors of the dependability and resilience of its systems.
SETL will allow market participants to commission and run permissioned registry services for payments, settlement, and clearing of cash and other financial instruments.
According to Circle CEO, Jeremy Allaire, “businesses and organizations that want any system of loyalty will want to use blockchain technology over time because it’s interoperable, global and secure, and exchangeable for other types of assets.” It is expected that OpenCSD could provide the technology these companies need.
Following is an interview from Tip TV Hedge with Peter Randall, COO at SETL.
