Blockchain tech startup SETL files for insolvency, seeks buyer for CSD

SETL filed for insolvency and announced a corporate reorganization to sell ID2S, the regulated central securities depository. SETL is one of the first blockchain technology startups and was launched by Peter Randall, who also founded Chi-X Europe that was ultimately sold to Cboe.

According to a statement, SETL has focused its resources on successfully developing and funding the establishment of the ID2S and IZNES platforms in Paris. Of particular note, SETL made significant capital contributions to ID2S, the regulated CSD. In October 2018, the platform successfully completed its T2S connection testing and was fully approved under CSDR.

“Having made an early investment in the development of ID2S, SETL Development recognizes that as an early stage technology firm it is not sufficiently placed to contribute the capital required. As such it is now seeking to place its ID2S holding with a larger financial services firm, one better placed to provide the capital required to support the growth trajectory,” the statement said.

Referring to the appointed independent administrator, Quantuma LLP, David Walker, SETL’s chair said in a statement: “Separating the software development business from the investments portfolio is a highly complex process, requiring expert, experienced and neutral management of the interests of all the creditors and stakeholders. The directors are all fully engaged and aligned in this approach.”

Read the full release

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