Credit Agricole-Backed Fintech Startup in Insolvency Filing

SETL, a London-based blockchain startup with a former Bank of France governor on its board and Credit Agricole SA among its investors, appointed administrators to reorganize the business.

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

Quantuma LLP was chosen as administrator to help the company “move forward with the next phase of its corporate development plan,’’ SETL said in a statement. 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 Plc Chairman David Walker.

Cryptocurrency news site Coindesk earlier reported SETL had filed the notice. A contact for the administrator wasn’t immediately available for comment.

Published Mar 7, 2019, 8:11:11 AM, by Alastair Marsh (Bloomberg) 

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