As first highlighted by CoinDesk, last Friday London fintech
SETL appointed administrators. The startup which targeted financial institutions was best known for its IZNES platform for trading investment funds. IZNES is a separate company incorporated in France with a number of high profile participants including Aviva Investors, BNP Paribas Asset Management, and Lazard Freres Gestion.
A UK administration order is similar to bankruptcy in the U.S. and is a procedure to protect a company from its creditors while a rescue plan is implemented. The typical options are to secure a new backer, to sell the company or liquidate its assets.
SETL incorporated in 2015 and was one of the first to explore the use of on-chain cash for financial institutions. Hence the company name. It described its solution as “enabling market participants to move cash and assets directly between each other, facilitating the immediate and final settlement of market transactions. The SETL system maintains a permissioned distributed ledger of ownership and transaction records, simplifying the process of matching, settlement, custody, registration and transaction reporting.”
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