UK-based SETL has been granted a licence from French regulator Autorité des Marchés Financiers to operate a central securities depository system using blockchain technology, according to a report by the Financial Times.
SETL was founded in 2015 and is backed by the likes of Citi. Earlier this week, we reported that the venture had appointed Philippe Morel as CEO and board member.
Chairman, David Walker, said: “We are delighted to welcome Philippe Morel as CEO. He brings a wealth of experience in the capital market, financial, and regulatory spheres and we are very pleased to have attracted such an impressive talent.”
“I am enthusiastic to be joining SETL at this exciting stage in its development and to have this great opportunity to lead the company through its next phase of innovation and growth,” said Morel, who spent 28 years at The Boston Consulting Group (BCG), 20 years of which was as a Partner and then Senior Partner and Managing Director of the firm.
“The company has already received significant interest in our OpenCSD product and continues to develop market infrastructures, like IZNES, which now has over 25 major European fund managers participating and is likely to become the largest global blockchain by both value and volume as more managers migrate to it,” he added.