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Blockchain startup SETL sells stakes to banks

Citi, financial services group, has bought a stake in blockchain startup SETL.

19.Feb.18 4:14 PM
By Daria Zaytseva


Blockchain startup SETL sells stakes to banks
This step, announced today, comes less than three weeks after the French banking institution Credit Agricole also became a minority shareholder. Other investors in the startup include Computershare, Deloitte and S2iEM, banking company.

SETL noted that Computershare had increased its stake in blockchain startup, and that Stuart Irving, CEO of Computershare, is joining its board of directors.

Peter Randall, CEO of SETL said they were pleased to announce that they had expanded their shareholder register with both new and existing partners and have agreed on the scope of a number of revenue-generating projects.

The purpose of startup is to facilitate the movement of cash and other assets between two parties using an authorized ledger that it developed. This, in turn, would make the comparison and settlement of various types of transactions easier.

SETL previously tested its platform using OFI Asset Management last month through the startup's IZNES fund record-keeping system.

Started in 2015, the startup was founded by former leaders from the financial space, including Randall, who is the former CEO of the Chi-X equity exchange.

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