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.
Binance Trial on Ice in Nigerian Court as Lawyers Demand Missing Documents
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 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!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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