Citi, one of the world’s leading financial institutions, has taken a significant step in the blockchain space by acquiring a stake in SETL, a pioneering startup in digital asset settlement. This move comes just three weeks after another major French bank, Crédit Agricole, also made a small investment in the company. In addition to these big names, other players in the financial sector 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 its CEO, Stuart Irving, will now serve on the SETL board. According to a statement from SETL, this partnership is expected to strengthen both companies’ capabilities and open up new opportunities for growth.
Peter Randall, CEO of SETL, expressed his excitement about the recent developments, saying:
“We are thrilled to welcome several new partners to our shareholder base, and we’ve reached agreements on multiple revenue-generating initiatives.â€
Founded in 2015, SETL was established by Pete Randall, who previously led Chi-X, an equity exchange known for its advanced ledger technology. SETL leverages this 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 using SETL’s IZNES fund record-keeping system, further highlighting the growing adoption of SETL's solutions in the financial industry. As more major institutions invest in and collaborate with SETL, it seems clear that blockchain is becoming an integral part of the future of finance.
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