On March 7, the UK blockchain company SETL that offers payment and settlement solutions has announced the business reorganization process.
The London-based company has made today an announcement in which it stated about the launch of the reorganization as a need for further realization of its corporate development plan.
SETL reportedly focused on the development of the two platforms – ID2S and IZNES located in Paris. At the same time, the former being the regulated CSD received significant capital injections.
For reference, the platform "completed its T2S connection testing and was fully approved under CSDR" last October. In 2018 SETL also won the license for DLT -based securities depository services by French regulator.
Notably, SETL filed for appointment of administrators in early March, which means its insolvency.
With the CSD being on stream, it becomes possible to switch to the development of the next phase of the plan. Still, SETL Development division which is a baby company so far is yet to get good positions to bring required amounts of capital. As a result, SETL is considering the options for placing ID2S holding "with a larger financial services firm, one better placed to provide the capital required to support the growth trajectory", as the company stated in the announcement.
"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," commented Sir David Walker, the company’s chairman.
SETL floated three funding rounds and managed to get $39 million investment, including participation of the Big Four Deloitte as well as Citi and Credit Agricole.
Moreover, the company founder Peter Randall opened a stock exchange Chi-X Europe but afterwards sold it to Cboe Global Markets, which runs CBOE platform.