Citi, one of the world's leading financial institutions, has taken a stake in SETL, a prominent blockchain startup. This move comes just three weeks after another major French bank, Crédit Agricole, also acquired a small equity interest in the company. In addition to these developments, other financial players such as Computershare, Deloitte, and S2iEM have also shown interest in SETL’s innovative technology.
SETL recently announced that Computershare has increased its shareholding in the company, and the CEO of Computershare, Stuart Irving, will be joining SETL’s board of directors. According to a statement from SETL, this partnership is expected to strengthen both organizations’ capabilities and open up new opportunities for growth.
Peter Randall, CEO of SETL, shared his excitement about the investment, stating: “We are thrilled to welcome several new partners to our shareholder base and have reached agreements on multiple revenue-generating initiatives.†This collaboration highlights the growing confidence in SETL’s blockchain solutions across the financial sector.
Founded in 2015, SETL was established by Pete Randall, who previously served as CEO of Chi-X, an equity trading platform. SETL leverages licensed ledger technology to streamline the movement of funds and assets between banks, making various transactions more efficient and secure.
In addition, last month, OFI Asset Management launched a pilot program for its IZNES fund record-keeping system, which was developed by SETL. This further demonstrates the increasing adoption of blockchain-based solutions in the financial industry. As more institutions invest in and collaborate with SETL, it's clear that the future of financial infrastructure may be built on decentralized and transparent technologies.
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