Chi-X Joining the Race to Bring Blockchain Technology to the Financial World
Founders of trading venue Chi-X Europe are joining the mission to bring “blockchain” technology to the ever-expanding global financial market.
The system is designed to track and identify transactions seamlessly through the digital currency platform Bitcoin.
The main goal of Chi-X is to allow customers to transfer funds or make payments instantaneously without a bank or a clearing party getting involved in the process. By doing this, the customer will save on transaction costs.
SETL, led by the former Chi-X head Peter Randall, and hedge-fund investor Anthony Culligan, stated today that its particular blockchain-like technology would be capable of simultaneously transacting “real-world” currencies or assets, and provide a “golden record” of the trade, which in turn takes days depending on the financial market.
“We want to unlock the power of the blockchain for financial markets,” said Peter Randall, suggesting the technology will be easily regulated and “permissioned”, excluding any anonymity within the process.
Despite the previous suspicion attached to Bitcoin in the financial sector, the industry is becoming more inclined to recognize the potential from using the technology backing it.
SETL’s Peter Randall also stated that the current technology involved is in its infancy, but is manageable pertaining to its complexity. In addition, he states that the focus should remain on attracting investment with a “real world” business plan.
Considering the demand for such technology, SETL along with Chi-X is slated to garner a lot of praise from players within the industry, revamping the reputation of Bitcoins technology and eliminating any remaining suspicion altogether.