Today enterprise blockchain firm SETL announced that it’s open-sourcing its core blockchain, as well as its blockchain interoperability solution PORTL. SETL counts Citibank as a major investor and has several high profile clients. These include Marketnode, the blockchain fixed income solution founded by the Singapore Exchange (SGX) and Temasek, French fund distribution platform IZNES, and commercial paper DLT central depositary ID2S. The latter two have been in production for years.
“We have been working with SETL for several years and are in the process of deploying their solutions within our Securities Services business,” said Joerg Guenther, Global Head of Technology for Citi Securities Services. “We believe that DLT could be transformational for our industry and SETL’s strategy to open source its technology and ensure interoperability is a positive step to enabling scalability of DLT use cases.”
Having kept the solution proprietary for so long, a key question is why open source now? SETL Chief Engineer Anthony Culligan was frank that it was less about developing a community and more because banks want to vet the source code, and being proprietary was holding back adoption.
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