London-based blockchain settlements and payments provider SETL has been acquired by Colendi, a fintech services platform based in Turkey.
As part of this combination the SETL and Colendi enterprise is preparing a new public blockchain infrastructure that will be used to host native tokens and smart contracts for Colendi’s current 10+ million users.
SETL, which was established by Chi-X founder Peter Randall back in 2015, restructured in 2019 to focus on technology solutions after it was unable to supply sufficient capital to sustain its investments in the ID2S (a regulated central securities depository) and IZNES (a record-keeping platform for European funds) platforms.
In December 2021, SETL announced a collaboration with SWIFT in an interoperability Proof of Concept and tested its 1m TPS blockchain to service a Regulated Liability Network (RLN) with AWS.
Anthony Culligan, SETL’s chief engineer, noted, “This initiative links the work we do with enterprise blockchains to a robust and secure public blockchain environment. Many of our RegFi clients are looking for a route from internal private blockchains to a public shared environment. This will provide that path.”
After closing a $38 million Series A funding round last September, Colendi now plans position the company as a major player in the corporate blockchain solutions market.