Banking majors Citi and Credit Agricole have acquired minority stakes in the London-based blockchain platform SETL.

Furthermore, Computershare have increased their investment in the company, while its group CEO Stuart Irving has joined SETL board.

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With the new investment, Citi and Credit Agricole join the company’s existing shareholders which include Computershare, S2iEM and Deloitte.

Launched in July 2015, SETL works to implement a multi-asset, multi-currency institutional payment and settlements infrastructure based on blockchain technology.

The SETL system allows the participants to move cash and assets directly with each other facilitating the final settlement of market transactions.

The system maintains the record of ownership and other associated transactions to simplify the process of matching, settlement, registration, custody and transaction reporting.

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SETL chairman David Walker said: “With the encouragement of shareholders and the revenue generating projects we have recently announced we are adding significantly to the strength to the company.

“At this stage in the company’s development it is important to choose the right projects and to deliver a dependably resilient product to the market.”

SETL CEO Peter Randall said: “We are unique in having both a financial grade product and a proven deployment route.

“SETL has successfully deployed multiple environments capable of processing in excess of 80,000 transactions per second across real world, globally distributed networks with over 100 million concurrent accounts.”

The company also noted that it has received significant interests for its OpenCSD product.