Share this article
Bitcoin and Trading Execs Team up to Disrupt Settlement
A bitcoin entrepreneur and a trading veteran have partnered on a blockchain project that aims to streamline the way assets are exchanged.
By Grace Caffyn
Updated Sep 11, 2021, 11:47 a.m. Published Jul 27, 2015, 5:08 p.m.
Make us preferred on Google
A bitcoin entrepreneur and a trading veteran have partnered on a blockchain project that aims to streamline the way assets are exchanged.
SETL will use its blockchain, which is "akin to proof-of-stake", to let market participants cut out the web of intermediaries in the post-trade system, saving them time and money.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The current clearing and settlement process requires firms to operate across many different ledgers at a total cost of $65–80bn annually.
CEO Anthony Culligan is an ex-JP Morgan executive and the founder of peer-to-peer bitcoin exchange Roolo, which launched this February. Peter Randall, the founder of European equity exchange Chi-X, will act as the platform's COO.
The list of Wall Street companies exploring how blockchain technologies can disrupt legacy infrastructure is growing longer by the day. However, reservations remain about bitcoin's processing time and pseudonymous nature in a heavily regulated, risk-averse industry.
Unlike bitcoin's blockchain, SETL operates using a 'permissioned' ledger that requires all participants to reveal their full identity to pass due diligence.
The platform is expected to reach speeds of 100,000 transactions per second, though the company said only 5,000 have been achieved in tests so far.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
HYPE token's 30% surge is a story of crypto-traditional market convergence, treasury firm says
HYPE has surged 30%, outperforming bitcoin, ether and the CoinDesk 20 index by a big margin.
What to know:
- Hyperliquid's HYPE token has surged more than 30% to $33, far outpacing bitcoin, ether and the broader crypto market, as trading activity on the platform accelerates.
- The token rally represents the merging of traditional assets with the crypto world, according to Hyperion DeFi, which is a HYPE treasury company.
- Originally a crypto perpetuals exchange, Hyperliquid has expanded into tokenized trading of equity indices, individual stocks, commodities and major fiat pairs via its HIP-3 upgrade.
Top Stories
