SETL wins ‘Hottest Blockchain Startup’ at the TechCrunch Europas Awards

SETL, the financial blockchain specialist, won the award for ‘Hottest Blockchain Startup’ at the Awards held in London on 13 June 2017. 

Founded in 2009, The Europas are the premier awards for Europe’s hottest tech startups. The Awards celebrate the most forward thinking, progressive and innovative tech companies across over 20 categories. While the awards concentrate on the newest companies on the scene, they also bring together the mid and late stage technology startups, as well as leading investors in the EMEA region. The Europas are editorially driven, independent awards, judged by the community itself.

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 will enable 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.

Peter Randall, SETL CEO said: “We are thrilled to win the award for Hottest Blockchain/Crypto Startup. We set out to tackle the procedural inefficiencies in financial services, taking payment and settlement as our starting point. Along the way we have discovered multiple use cases for our market leading blockchain technology, from a consumer payment card to securities registration and foreign exchange. We welcome the recognition from the wider technology industry as SETL’s technology has a wealth of applications in financial services and beyond.”

SETL Development Limited 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.

The initiative is led by Peter Randall, the former CEO and founder of Chi-X, the pan-European equities trading venue. The SETL management team comprises: Peter Randall, CEO; Anthony Culligan, Product CEO; Nicholas Pennington, CTO; and Francois Barthelemy, Head of Corporate Strategy.

In December 2015, SETL announced Sir David Walker as its chair. Sir David is a former Executive Director of the Bank of England and has served as the chairman of Barclays, Morgan Stanley International, the Securities and Investment Board and as deputy chairman of Lloyds TSB. In July 2016, Rachel Lomax, former Deputy Governor of the Bank of England and Ed Richards, former CEO of Ofcom, joined the SETL board. In November 2016, Martin Clements, recently retired from his role as Director General responsible for Technology and Transformation at the UK Foreign and Commonwealth Office joined the SETL board.

The SETL technology has been designed from the ground up to meet the needs of the finance industry and eliminate some of the concerns raised about the use of blockchain technology for financial markets. These include anonymity, typical for ‘permissionless’ blockchains such as the bitcoin blockchain, which would present challenges to AML / KYC obligations of financial institutions, and the limited capacity and speed of current blockchains, not designed to handle the required volume of financial transactions. SETL is a real-time, real-world system and as such will offer connectivity and compatibility with existing workflows, systems, standards and regulations.

Visa capacity is tested to 56k transactions per second – which is 4 times the actual peak rate. http://visatechmatters.tumblr.com/post/96025603185/put-to-the-stress-test-visanet-gets-pushed-to-the