Blockchain infrastructure firm SETL Development Ltd., which filed for insolvency in March, is back as a trimmed-down new entity formed by its management team.
The new company, SETL Ltd., said Friday that it has now acquired the operating assets, staff and intellectual property (IP) rights of the old entity.
At the time, the the firm said it had filed for insolvency because its finances were not adequate to meet the regulatory requirements for both SETL and its ID2S central securities depository (CSD) initiative. It added it was seeking to place ID2S with “a larger financial services firm.”
Sir David Walker, chairman of SETL Ltd., said today that the two objectives of appointing its administrator, Quantuma LLP, “to help shape the future structure to enable the firm to balance its strategic infrastructure holdings and continue its software development activities” have been met within the expected timeline. Sir Walker was also chairman of the old SETL. Bond previously headed SETL’s cryptography and cyber security committee and will direct the same activities at SETL Ltd.
SETL notably received a license from France’s securities regulator to operate its ID2S CSD last October.