United Kingdom Blockchain Firm SETL Set To Re-Emerge As A New Entity

UK Blockchain Firm SETL Set To Re-Emerge As A New Entity

The London-based blockchain technology firm Setl which is backed by several financial services heavyweights is now set to re-emerge as a new entity.

It seems much had just happened within the group in one month or so when Setl entered administration. The re-emergence has come after its management bought the firm's main assets from the administrators.

Insolvency, No Thanks

The firm was co-founded in 2015 by City of London trading veteran Peter Randall, and in October last year, the startup company was granted a license by Francie's securities regulator to operate a central securities depository (CSD) system by using blockchain technology.

Surprisingly, in early March this year, Setl filed for insolvency and said they were looking for more substantial financial services firm to take its holdings.

The reason was being unable to maintain the regulatory capital to sustain its two businesses it was developing. It was developing the ID2S which is a central securities depository and also Iznes- a record-keeping platform for the European funds. At the point, the firm appointed Quantuma as administrators.

Wounding Down

The newly formed Setl Ltd will now focus on developing modern electronic ledgers for various financial markets as well as verify payments in central bank money instead of cryptocurrencies.

Unlike most blockchains that use ledgers available to every user, Setl uses “permissioned ledger” that allows a small network of the trusted parties to see details of trades and payments.

The old Setl Development is now being wound down as the new Setl Ltd has bought operating assets, the staff as well as intellectual property rights of the previous company.

Moreover, the new company has reached an agreement with significant clients to continue their support as it expects to push forward with several core initiatives. Speaking about the company's re-emergence, Sir David Walker, chairman of Setl Ltd said that they'll now provide the tools to infrastructure companies.

Also, he added that selling of stakes is part of the funding process for the new entity.

Besides, Sir David has been named the chairman of the new firm just like the old firm while Christian Noyer, former governor of the Bank of France to be lead Independent director. Philippe Morel also maintained his CEO position and Peter Randall as the president.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Ali Qamar
Ali Qamar
Ali Qamar is a seasoned crypto and blockchain writer and a strong believer in cryptocurrencies with real-life use cases. Ali loves to cover any topic related to TRON and has a keen interest in other cryptocurrency verticals such as Ripple, Stellar, Bitcoin and more.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Ethereum Layer 2 Solution, SKALE Network, Launches Its Mainnet Phase One; Staking & Bounties Start in Early Q3

SKALE - an open-source scaling solution backed by Gemini exchange founders Winklevoss brothers for scaling the Ethereum network - has started to roll out...

Pundi X Integrates PayPal into Point-of-Sale Device, XPOS; Users Can Buy & Sell Crypto Seamlessly

Pundi X, a blockchain firm based in Singapore, has integrated its point-of-solution (PoS) device, XPOS, with PayPal, according to a medium post on June...

Crypto Mining GPU Manufacturer, NVidia Petitions Court to Toss Out $1 Billion Class Action

NVidia has petitioned the California court to dismiss the class action suit made by its investors. The lawsuit against the firm’s top brass alleges that...

Hacker Extort 116.4 Bitcoin from University of California San Francisco (UCSF)

The University of California San Francisco (UCSF) paid a ransom of $1.14 million in Bitcoin after a ransomware attack earlier this month, reported BBC...

Targeting Institutional Investors: SBI Holdings Is Buying a Minority Stake in B2C2 Exchange

A unit of Japanese financial conglomerate SBI Holdings, SBI Financial Services is buying a minority stake in London-based crypto market maker B2C2 for $30...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today