Chi-X founder in blockchain trading technology venture


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One of the founders of trading venue Chi-X Europe is joining the race to bring “blockchain” technology, the system that tracks and identifies transactions in digital-currency bitcoin, to the wider financial world.

The objective is to allow people to transfer cash or make payments instantaneously without a bank or clearing party being involved, saving on transaction costs.

A venture called SETL, led by former Chi-X head Peter Randall and hedge-fund investor Anthony Culligan, said on Monday its blockchain-inspired technology would simultaneously transact real-world currencies or assets and provide a “golden record” of the trade, which takes days on some financial markets.