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.
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.