The startup says that it is in talks with more than 40 financial institutions in its bid to revolutionize post trading settlement.
Blockchain technology startup SETL.io says its distributed ledger system is now capable of handling 1 billion transactions per day.
The startup, launched in July, was co-founded by former Chi-x CEO Peter Randall and Anthony Culligan, who founded peer-to-peer Bitcoin trading site Roolo.
SETL.io announced that it has reached a capacity of 1 billion transactions-per-day, sufficient to settle today's markets
SETL.io is looking to develop a network of private blockchain systems that would handle the payment and settlement processes of trading institutions. The goal is to vastly improve the efficiency and reduce the costs of legacy processes, while maintaining a high level of transparency for regulators. It claims to be in talks with more than 40 financial institutions.
The startup is keen to point out that a 'legacy blockchain' system like Bitcoin is not suitable for a regulated, high volume trading environment. Bitcoin is only capable of up to 7 transactions per second, usually less- especially when under attack, often from unknown players. Even according to one ambitious plan to improve Bitcoin's capacity, it would still be magnitudes short of the level needed to settle financial markets (other proposals, such as the 'Lightning Network', have yet to be fully demonstrated).
SETL.io announced that it broke the 1 billion transactions-per-day capacity barrier in its testing environment, bringing it to a level sufficient to settle today's markets. When first launched in July, the startup claimed a capacity of 5,000 transactions per second, or 432 million per day.
The startup claimed to have developed unique techniques to process transactions in parallel, and thereby "remove practical constraints on volume."
It says that its network runs across a set of nodes in the UK and Europe, and assets can be transmitted between different blockchains via a 'witness node'.
Randall told Finance Magnates that the technology used for trades settlement may be radically different 5 years from now. The startup is determined, therefore, to do for post-trade settlement what Chi-x did for trading in Europe. BATS Chi-x Europe is a low-cost, low latency exchange that has conquered sizeable market share from traditional exchanges within a span of 8 years.
Randall will be presenting at this year's Finance Magnates London Summit. His session, 'Recording Finance', will lay out the benefits and challenges of a distributed-ledger based financial sector, providing a look into what is going on inside banks’ innovation labs as well as a discussion regarding the hoards of startups poised to revolutionize the trading industry’s heavy machinery.
Blockchain technology startup SETL.io says its distributed ledger system is now capable of handling 1 billion transactions per day.
The startup, launched in July, was co-founded by former Chi-x CEO Peter Randall and Anthony Culligan, who founded peer-to-peer Bitcoin trading site Roolo.
SETL.io announced that it has reached a capacity of 1 billion transactions-per-day, sufficient to settle today's markets
SETL.io is looking to develop a network of private blockchain systems that would handle the payment and settlement processes of trading institutions. The goal is to vastly improve the efficiency and reduce the costs of legacy processes, while maintaining a high level of transparency for regulators. It claims to be in talks with more than 40 financial institutions.
The startup is keen to point out that a 'legacy blockchain' system like Bitcoin is not suitable for a regulated, high volume trading environment. Bitcoin is only capable of up to 7 transactions per second, usually less- especially when under attack, often from unknown players. Even according to one ambitious plan to improve Bitcoin's capacity, it would still be magnitudes short of the level needed to settle financial markets (other proposals, such as the 'Lightning Network', have yet to be fully demonstrated).
SETL.io announced that it broke the 1 billion transactions-per-day capacity barrier in its testing environment, bringing it to a level sufficient to settle today's markets. When first launched in July, the startup claimed a capacity of 5,000 transactions per second, or 432 million per day.
The startup claimed to have developed unique techniques to process transactions in parallel, and thereby "remove practical constraints on volume."
It says that its network runs across a set of nodes in the UK and Europe, and assets can be transmitted between different blockchains via a 'witness node'.
Randall told Finance Magnates that the technology used for trades settlement may be radically different 5 years from now. The startup is determined, therefore, to do for post-trade settlement what Chi-x did for trading in Europe. BATS Chi-x Europe is a low-cost, low latency exchange that has conquered sizeable market share from traditional exchanges within a span of 8 years.
Randall will be presenting at this year's Finance Magnates London Summit. His session, 'Recording Finance', will lay out the benefits and challenges of a distributed-ledger based financial sector, providing a look into what is going on inside banks’ innovation labs as well as a discussion regarding the hoards of startups poised to revolutionize the trading industry’s heavy machinery.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!