Banks Buy Stakes in Blockchain Startup SETL

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

The move, 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 banking company S2iEM.

SETL noted that Computershare had boosted its stake in the blockchain startup, and that Stuart Irving, Computershare’s group CEO, is joining its board of directors. In statements, the startup suggested that, combined, it was “adding significantly to the strength [of] the company.”

“We are pleased to announce that we have extended our shareholder register with both new and existing partners and have agreed the scope of a number of revenue generating projects,” Peter Randall, SETL’s CEO, said of the investments.

The startup aims to facilitate the movement of cash and other assets between two parties using a permissioned ledger it developed. This, in turn, would make it easier to match and settle different types of transactions.

SETL previously trialed its platform with OFI Asset Management earlier last month through the startup’s IZNES fund record-keeping system, as CoinDesk previously reported.

Launched in 2015, the startup was founded by former executives from the finance space, including Randall, who is the former CEO of the Chi-X equity exchange.

Business miniatures image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

Comments

comments

Filed in: Bitcoin Buzz Tags: ,

You might like:

Sorry, I Turned Off My Bitcoin Faucet (Because Money) Sorry, I Turned Off My Bitcoin Faucet (Because Money)
North Korean Hacking Group Lazarus Stole $571 Million in Cryptos: Report North Korean Hacking Group Lazarus Stole $571 Million in Cryptos: Report
What China's Cashless Revolution Can Teach the West About Crypto What China's Cashless Revolution Can Teach the West About Crypto
Bitcoin's White Paper Gave Us Liberty – Let's Not Give It Back Bitcoin's White Paper Gave Us Liberty – Let's Not Give It Back
Tether Floods Into Kraken Exchange, Where Crypto Traders Can Get Dollars Tether Floods Into Kraken Exchange, Where Crypto Traders Can Get Dollars
Ethereum's Constantinople Hard Fork Is Being Delayed Until 2019 Ethereum's Constantinople Hard Fork Is Being Delayed Until 2019
Enough with the ICO-Me-So-Horny-Get-Rich-Quick-Lambo Crypto Enough with the ICO-Me-So-Horny-Get-Rich-Quick-Lambo Crypto
Global AML Watchdog to Release Crypto Regulations By Next June Global AML Watchdog to Release Crypto Regulations By Next June
© 2018 Virtual Mining Bitcoin News. All rights reserved. XHTML / CSS Valid.