SETL, the institutional payment and settlement infrastructure based on blockchain technology, has announced the completion of its initial round of private funding and new appointments to its board.

The company did not disclose the amount of initial round of funding.​

“We are pleased to announce that we have closed fundraising with initial partners and have agreed scope on a number of projects. With the recent announcement of our OpenCSD product, the completion of the funding arrangements and our board appointments, I am excited about developments ahead,” Peter Randall, CEO of SETL said.

According to the official release, SETL announced the inclusion of Rachel Lomax, former Deputy Governor of the Bank of England and Ed Richards, former CEO of Ofcom to its board, following the appointment of Sir David Walker as SETL Chairman last December. 

“This is a milestone in the development of SETL and one which I believe strengthens the company’s position significantly,” SETL’s Chairman, Sir David Walker said. “We are also delighted to confirm further appointments to the board.  Joining as non-executives are Rachel Lomax and Ed Richards. Each of these directors brings a wealth of experience in the financial, regulatory and corporate governance spheres.  Their oversight of the growth and development of SETL will be invaluable to the executive team and shareholders alike.”

The company is expected to soon announce the addition of an individual who is experienced executive board member and non-executive in government to the board.

Last month, SETL announced the launch of its blockchain-powered OpenCSD platform. The platform enables any market participant to commission and run a permissioned registry service for payments, settlement and clearing of cash and other financial instruments. Also, the company collaborated with Computershare and demonstrated Australia’s first working blockchain capital markets solution.

“I do not underestimate the challenges of re-tooling some of the most fundamental elements of our financial infrastructure but the benefits of doing so are significant and widespread.  We are strongly positioned to commence that transformation and look forward to making further announcements shortly,” Randall concluded.

SETL was launched in July 2015 to deploy a multi-asset, multi-currency institutional payment and settlements infrastructure based on blockchain technology.