Colendi, the fastest-growing embedded fintech services platform in Turkey and surrounding regions, today announced it has acquired London-based blockchain settlements and payments provider SETL.
Launched in 2015, SETL is an enterprise blockchain company known for its high-profile work with selected central banks and T1 financial institutions.
In December SETL announced a collaboration with SWIFT in an interoperability proof of concept and tested its 1M TPS blockchain to service a regulated liability network (RLN) with AWS.
“We are delighted to welcome SETL to the Colendi family and look forward to leveraging their formidable blockchain tech for the benefit of our users. We see a future where your financial interactions are embedded in your experience whether you are gaming, shopping, investing, or saving.”
– Colendi Chairman, Ian Hannam, & Colendi CEO, Bulent Tekmen
Strength to Strength
With the closing of a $38 million Series A funding round last September, plus the SETL acquisition, the services that will be offered under the Colendi umbrella, will position the company as a major player in the corporate blockchain solutions market.
As part of this combination, the SETL/Colendi enterprise is preparing a new public blockchain infrastructure that will be used to host native tokens and smart contracts for Colendi’s current 10+ million users.
This architecture will be integrated into the core Colendi wallet and available to all Colendi users as the company extends its services into an investment, messaging, gaming, and many other dApps currently under development within the Colendi ecosystem.
A native network token offering is also anticipated, supporting a 2023 launch.
Interoperable with SETL’s 1M TPS interbank offering, the new decentralized network is expected to be EVM compatible, able to support cross-chain connectivity, and natively support popular formats for NFTs and other tokens.
Notably, the network will bridge the gap between public and private blockchains by allowing regulated institutions to deploy nodes that can selectively participate in public transactions whilst maintaining their own permissioned ledger.
“We will of course keep our prominent role in RegFi, bringing Market Infra, Asset Management, and Payments solutions to regulated Financial Institutions. RegFi still represents 99% of worldwide financial flows! But as a leading-edge financial technology firm, SETL could not ignore DeFi. With Colendi, we are preparing the RegFi/DeFi convergence. And we will offer to our RegFi clients the opportunity to connect in a secure manner to a public blockchain ecosystem”
– SETL CEO, Philippe Morel