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Blockchain Startup SETL Starts Bankruptcy Procedure

15:18 10/03/2019
Blockchain Startup Supported By Deloitte Announces Bankruptcy

A financial and technological blockchain startup from the UK, which is involved in the development of products for payments and settlements, has started bankruptcy procedures by submitting documents to regulatory authorities, ForkLog reports referring to The Gazette.


Despite the continuous decline in the crypto market and the hardships experienced by many companies in the crypto sphere, this news was unexpected, because the company was distinguished by serious achievements and experienced management staff.


SETL was created by a well-known London trader Peter Randall. He previously founded the Chi-X Europe stock exchange, which he then sold to the Chicago-based corporation Cboe Global Markets. David Walker, the former head of the United Central Bank, became the managing director of the startup in 2015. He was succeeded by the former Goldman Sachs employee Phillippe Morel.


In early January 2019, Christian Noyer, the ex-manager of the French Central Bank, became a member of the SETL board of directors. Apart from him, the board of directors includes prominent persons from the economic and financial spheres of the United Kingdom, the county's Ministry of Foreign Affairs and other departments.


The startup held three rounds of financing and managed to attract a total of $39 million. Large financial corporations, such as Deloitte, international holdings Citi, Credit Agricole, and others invested in the company. Thus, the current state of affairs looks even more surprising.


Representatives of the blockchain startup have not yet commented on information about the bankruptcy procedure.

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