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Credit Agricole-backed fintech start-up files for bankruptcy

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SETL was founded in 2015 to bring to the financial-services industry a form of blockchain technology, the ledger tool that was first created to facilitate Bitcoin transactions.

Sunday 10, March 2019

(Bloomberg) --SETL, a London-based blockchain start-up with a former Bank of France governor on its board and Credit Agricole among its investors, appointed administrators to reorganise the business.

A corporate insolvency notice for the company was filed in the London Gazette last week, less than two months after it announced the appointment of former French central bank chief Christian Noyer to the board.

In a statement, SETL stated that Quantuma was chosen as administrator to help the company move forward with the next phase of its corporate development plan.

Quantuma will help shape the future structure, enable the company to balance its strategic infrastructure holdings and continue its software development activities on a business-as-usual basis.

The firm has attracted a roster of big name financiers as executives or directors, including former stock-exchange executive Peter Randall and ex-Barclays Chairman David Walker.

TAGS : SETL, Credit Agricole, Quantuma

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