Colendi acquires blockchain specialist SETL

Rick Steves

Turkey-headquartered embedded fintech services platform Colendi has acquired London-based blockchain settlements and payments provider SETL.

The deal follows a $38 million Series A funding round last September that empowered Colendi to build from strength to strength and position the company as a major player in the corporate blockchain solutions market.

To that effect, Colendi made a move to buy SETL, which will now offer its services under the Colendi umbrella. SETL was launched in 2015 as an enterprise blockchain company that caters to Central Banks and Tier 1 Financial Institutions.

In December 2021, SETL and SWIFT announced an interoperability Proof of Concept and tested its 1m TPS blockchain to service a Regulated Liability Network (RLN) with AWS.

SETL and Colendi prepare RegFi/DeFi convergence

Anthony Culligan, Chief Engineer at SETL, commented: “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.”

Ian Hannam and Bulent Tekmen, Chairman of Colendi and Chief Executive Officer, respectively, commented on the announcement: “We are delighted to welcome SETL to the Colendi family and look forward to leveraging their formidable blockchain tech for the benefit of our users. We see a future where your financial interactions are embedded in your experience whether you are gaming, shopping, investing or saving.”

Sir David Walker, Cairman of SETL, added: “Colendi is exactly the right partner for us. Their phenomenal growth shows that they understand and embrace the changes that are sweeping financial services. We bring the right technology at the right time to create a global decentralised network which can execute our joint vision”.

Philippe Morel, Chief Executive Officer at SETL, stated: “We will of course keep our prominent role in RegFi, bringing Market Infra, Asset Management and Payments solutions to regulated Financial Institutions. RegFi still represents 99% of worldwide financial flows! But as a leading-edge financial technology firm, SETL could not ignore DeFi. With Colendi, we are preparing the RegFi/DeFi convergence. And we will offer to our RegFi clients the opportunity to connect in a secure manner to a public blockchain ecosystem”

The SETL/Colendi enterprise is pre-announcing a new public blockchain infrastructure that will be used to host native tokens and smart contracts for Colendi’s current 10+ million users.

The network is intended to bridge the gap between public and private blockchains by allowing regulated institutions to deploy nodes which can selectively participate in public transactions whilst maintaining their own permissioned ledger.

Colendi will leverage the architecture on a wide range of services, including investment, messaging, gaming, and many other dApps currently under development within the Colendi ecosystem. Soon, the firm will announce a native network token offering to support a 2023 launch.

The new decentralised network is expected to be EVM compatible, able to support cross-chain connectivity, and to natively support popular formats for NFT’s and other tokens.

Read this next

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

<