SETL, the London-based institutional payment and settlement infrastructure based on blockchain technology, says it completed its first round of private fundraising today.
SETL also announced additional appointments to its board. Rachel Lomax, former Deputy Governor of the Bank of England and Ed Richards, former CEO of Ofcom, join the board, following the appointment of Sir David Walker as SETL Chairman in December 2015.
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.