The cryptocurrency industry is unfolding very fast and the use of digital currency is becoming very obvious for many businesses. The purchase of a minority stake acquisition in SETL by Credit Agricole explains the blooming of the industry. However, this is not all because Citi group has also become part of SETL, a block chain start up by buying a stake in it.
Apparently, the two are not the only investors in the startup. Other investors include S2iEM, a banking company, Deloitte and Computershare, which has the largest stake alongside Stuart Irving the company’s Group CEO.
SETL has an incredible role in the cryptocurrency industry
The platform’s main role is to facilitate the exchange of currencies and assets directly with the registered members. It system helps in streamlining various processes such as settlement, registration, matching, custody and reporting of transactions.
SETL’s CEO Peter Randall is excited about extension of the shareholding register to both new and existing partners. Adding to Randall’s excitement, SETL’s chairman, Sir David Walker stated that the new move would be significant in strengthening the company’s business. That said, Irving will be joining SETL’s board and his contribution is expected to benefit the executive team and shareholders and stakeholders alike.
SETL aims to deploy a multi-asset, multi-currency institutional infrastructure
The London-based blockchain startup SETL was launched in July 2015 and since then it has made significant milestones. The most notable one is its uniqueness in having both a financial grade product and a recognized deployment route. As if this is not enough, it has established multiple environments competent enough to process in excess of 80,000 transactions per second globally.
In other news, even as the cryptocurrency business grows, Vitalik Buterin the inventor of Ethereum has cautioned investors against putting all the investments they have into it. He claims that the concept is still new and hyper-volatile asset class. Buterin advice is that people should hold more onto traditional assets as a form of storing their hard earned savings.
On the other hand, free-market advocates are also mounting pressure on the government to develop a regulatory framework