CITI Group Buys Stakes In Blockchain Startup SETL

SETL announced recently that the financial services group CITI group has acquired a stake in the startup company. The move, which was announced recently, comes after the Credit Agricole from France was made a minority shareholder in the company. Other investors in SETL include Deloitte, Computershare, and S2iEM bank.

SETL, which has its headquarters in the UK focuses on the institutional payment and settlement infrastructure services that use the blockchain technology. In addition to the number of shareholders, the company has also appointed the Group CEO of Computershare who will join the board of directors for the company.

SETL was launched in 2015 as a multi-currency institutional payment and settlement facility that utilizes blockchain technology. The company’s system allows the participants to transfer cash and other currency assets between one another, thus facilitating the instant and final settlement of transactions on the market. The system is an authorized distributed ledger of ownership and transaction records that simplifies the process of matching, settling, registration, and reporting of transactions.

David Walker SETL’s chairman welcomed Mr. Stuart Irving the group CEO of ComputerShare to the board who brings a span of experience in the IT, financial, and regulatory spheres. Irving’s contribution to the company is significant especially to the management team, shareholders as well as stakeholders.

According to Irving, the future of the building systems that enhance ownership depends on the SETL system that has become a significant competitive differentiator. Peter Randall CEO of SETL commented that the new appointments will strengthen the company’s shareholder register for both the existing and incoming partners to expand the revenue generating projects.

SETL has successfully deployed a wide range of environments that are capable of processing more than 80,000 transactions per second across the world, and global distribution networks of more than 100 million concurrent accounts. The recent addition of shareholders shows how the technological capability of SETL is already receiving positive indications of interest in the system.

The company has also continued to develop the market infrastructures such as IZNES that has over 20 greatest European Fund managers and could soon become the largest global blockchain in the region and worldwide.

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