Citi, Credit Agricole Buy Into Blockchain Startup SETL

Published on 21 February 2018 by Cryptovest Staff

SETL CEO Peter Randallcommented:

Sir David Walker, chairman of SETL, added:

“At this stage in the company’s development, it is important to choose the right projects and to deliver a dependably resilient product to the market.”

The SETL platform enables users to exchange currencies and assets directly with other registered participants. The system stores the ownership records to streamline the process of settlement, registration, matching, custody and transaction reporting.

A few weeks ago, SETL launched its pan-European platform IZNES, which is a system that records funds and transactions data on blockchain. The platform went live at the end of 2017 and is a collaboration with five French asset managers – OFI Asset Management, LFDE, ARKEA, La Banque Postale, and Groupama.

IZNES allows companies to start relationships with investors, handle KYC procedures, and settle transactions, among others. The platform cuts transaction fees, ensures transparency, and streamlines processing thanks to the use of blockchain technology.

Last year, wereportedthat Citi Bank was named among the biggest investors in blockchain technology in a report published by CB Insights. The bank was listed alongside Google, Goldman Sachs, and SBI Holdings, among others.