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Blockchain Startup SETL files for Insolvency in UK

SETL, a Credit Agricole-backd blockchain startup has reportedly filed for insolvency.  The notice was filed by the startup on March 7 with U.K. authorities. 

The startup was granted approval by French securities regulator to spearhead a Central Securities Depository (CSD) in October last year. Headquartered in France, Credit Agricole is the largest financial cooperative institution across the globe. 

It was founded by Peter Randall, one of the founders and former CEO of the alternative European stock exchange Chi-X, and Anthony Culligan in July 2015. As per data obtained from Crunchbase,  Setl obtained $39 million of funding in three rounds. The last round ended on Feb. 1, 2018.

Sir David Walker, the company’s chairman said

 “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.”

In early January, Setl had hired Christian Noyer, former governor of the French central bank as one of its board of Directors. Unfortunately, as per the statement released, the company mentions that the startup is not placed to handle and allocate the funds required. 

Anthony Culligan, the co-founder and largest shareholder added,

 “I am absolutely satisfied that this is the most positive step for the company and will form the basis of a strong future”.

Also, the statement mentions that CSD is in a functioning condition, Setl can move ahead and place its ID2S  [regulated CSD platform] holding with a larger financial services firm. Ideally, the one better equipped to finance the growing curve. Recently, the company had also appointed Quantuma, as an independent administrator.

Still Bullish on Crypto

Despite the longest bear market, many are still optimistic about blockchain’s use in finance. The list includes Tyler and Cameron Winklevoss, Bitcoin bulls and founders of the cryptocurrency trading platform Gemini. They recently made a statement that stablecoins and securities will pave a brighter way for the digital currency space. 

Use-case building by major financial institutions in the space is on a high rise. For instance, SWIFT, global financial messaging network the Society for Worldwide Interbank Financial Telecommunication, is building a  blockchain-based shareholder e-voting proof-of-concept in collaboration  major financial institutions.

On 21 Feb, CoinMarketFeed reported New World Development, a property building firm and Hong Kong Applied Science and Technology Research Institute ( ASTRI) are all set to launch a blockchain platform- PropTech-  for home buyers. Reportedly, Bank of China will be their first bank user.