Enterprise blockchain firm SETL has been acquired by Turkey-based fintech Colendi.
The news was confirmed by SETL via Twitter. “Excited to announce that Financial Services platform Colendi is acquiring SETL,” stated the company. “We will keep our prominent role in RegFi as we start our venture into the DeFi space with the development of a public blockchain.”
The transaction would bring together two firms which have been operating in different spaces within the blockchain and financial services market.
Launched in 2015, SETL was a key player in some of the early attempts to use blockchain technology within the investment funds market.
It was part of a collaboration between French fund management platform IZNES and blockchain-based central securities depositary ID2S to set up a post-trade structure based on distributed ledger technology (DLT).
While ID2S closed down in 2021, SETL went into administration in 2019. Following its emergence from administration, the firm stated that it...
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