SETL Blockchain Financial Services Firm Seeks A New Buyer After Filing For Insolvency

SETL Blockchain Project Files For Bankruptcy, Now Seeks Buyers

SETL Development Limited, a London-based firm founded in 2015 to bring the benefits of blockchain technology to financial institutions, reports The Block on March 7, 2019.

SETL Goes Bankrupt

SETL, an enterprise blockchain platform that builds a solution for financial institutions, has declared itself insolvent and it’s now looking for a formidable acquisitor.

Per sources close to the matter, the firm has made it clear that it needs a buyer to take over its operations since it no longer has the capital required to continue doing business.

Established in 2015 by former CEO of the alternative European stock exchange Chi-X, Francois Barthelemy, and Anthony Culligan, creator of Roolo, a peer-to-peer cryptocurrency trading venue, SETL is backed by Credit Agricole Group, the world’s largest cooperative financial institution.

Reportedly SET has raised a total $45.7 million. Earlier in October 2018, it raised a whopping GBP 90,000 and it raised GBP 4.22 million seven months prior.

The SETL Journey

In October 2018, SETL secured a license from the French securities regulator, the Autorite des Marches Financiers, to enable it operate a Central Securities Repository (CSD).

In June 2018, Barthelemy left SETL, following a dispute with Randall. According to sources close to the issue, Barthelemy quitted the firm because of a disagreement about the strategy of the group.

Importantly, in September 2018, SETL reportedly 24 joined forces with four asset management firms to launch a blockchain-based record keeping platform.

Earlier in January 2019, the SETL team announced the addition of Christian Noyer, former governor of the French apex bank, Banque De France.

“Christian Noyer brings a wealth of experience in the financial, regulatory, economic management and central banking world,” the Chairman of SETL, David Walker, declared at the time, adding “At this stage of in the development of the technology and its business applications it is important to choose the right projects and to deliver a dependably resilient product to the market.”

Also commenting on the matter, Noyer stated that

“SETL’s technological leadership coupled with the deep experience of the team presents a unique and compelling proposition. I look forward to helping shape this extremely interesting initiative.”

With the current situation of things, it remains to be seen whether the prospective buyer of SET will retain the same team members.

Although the price of bitcoin and other digital assets are yet to attain the highs of 2017, it’s worth noting that adoption for the underlying blockchain technology has surged in recent times, a strong indication that cryptos have come to stay.

As reported by Bitcoin Exchange Guide on March 6, 2019, the Eastern Caribbean Central Bank (ECCB) has launched a blockchain pilot to create the digital version of the regions fiat money, in a bid to boost the economy and enhance business operations.

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