Yesterday it was confirmed that Turkish embedded fintech startup Colendi has acquired enterprise blockchain firm SETL, in which Citi was the largest outside shareholder. Other backers included Credit Agricole and Deloitte. Terms of the deal were not announced.
One of SETL’s high profile projects involves the Regulated Liability Network (RLN) infrastructure, an enterprise blockchain network that will span central banks, commercial banks and other institutions. The concept is based on the vision of Citi’s Tony Mclaughlin.
Key distinguishing features of SETL’s blockchain protocol are its native support of tokens and its scalability to a million transactions per second. Last year it launched a blockchain interoperability solution PORTL, and in February, Digital Asset, the developer of the DAML smart contract language, partnered with SETL to co-develop the RLN protocol.
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