SETL blockchain firm announces restructuring completion

SETL, the London-based institutional payment and settlement infrastructure provider using blockchain technology, announced the completion of its corporate restructuring programme. The newly-formed SETL has acquired the operating assets, the staff and IP rights of SETL Development, which is in administration and being wound down.

The new company has reached agreement with all its major clients to continue its support and development activities and expects to push ahead now with a number of core initiatives. SETL has restructured its balance sheet and simplified its business model.

It will now offer blockchain-based solutions across a broad range of commercial cases in partnership with existing financial service providers and will continue to support infrastructures powered by SETL blockchain. Under the direction of its CEO, Philippe Morel, who joined in 2018, SETL has considerably restructured its cost-base, refocused its operations in London and the Ipswich development centre, and expects now to deliver robust financial performance for its shareholders.

Many of SETL’s existing management will be shareholders and founders of the new company. They include Philippe Morel, chief executive; Anthony Culligan, its chief engineer; and Peter Randall, president, wrote the FT.

Read the full release

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