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SETL leaves debt behind and focuses on tech

SETL, the blockchain-based settlement payment firm that held stakes in French CSD ID2S and record-keeping platform IZNES, completes a corporate restructuring that lets its operations continue. And its management.

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SETL has exited administration, after its management have acquired the operating assets, the staff and the intellectual property rights of the firm’s previous incorporation. This is reported by Global Custodian.

New name

Changes comprise a subtle name shift, as activities move from SETL Development to new entity SETL Ltd, but also a shift of business to focus on proving “blockchain-based solutions across a broad range of commercial cases in partnership with existing financial service providers,” Global Custodian quotes.

Brings in new heavyweights

SETL was established by Peter Randall, founder of Chi-X. The firm has now appointed
a new board of directors led by David Walker, former chairman of Barclays. Christian Noyer, honorary governor of the Banque de France, takes on a role as lead independent director.

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