Enterprise blockchain firm SETL has been acquired by Turkey-based fintech Colendi, bringing together the two different firms operating within the blockchain and financial services market.
SETL was a key player in some of the early attempts to use blockchain technology within the investment funds market. It was 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.
Anthony Culligan, SETL’s Chief Engineer, said “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.”
Colendi’s main product is a decentralised credit scoring engine which is used by a number of payment providers, including Turkey-based PayCell. Colendi is preparing to launch its own public blockchain infrastructure, complete with a tokenized network, for its digital wallet users.
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.
