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

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