One of the largest accounting companies, Deloitte, has invested in blockchain start-up SETL. This is the first time the professional services compa
One of the largest accounting companies, Deloitte, has invested in blockchain start-up SETL.
This is the first time the professional services company has publicly invested in a blockchain start-up, a Deloitte representative confirmed before coindesk.com.
The London-based SETL uses the blockchain technology for payments and settlements. According to SETL`s website (setl.io), their members and sponsored users can operate their wallets across shared and private blockchains.
In November, SETL announced the development of a contactless smartcard which enabled blockchain allowing digitized payments. The project was launched in collaboration with Deloitte and Metro Bank. Deloitte contributed with its blockchain ID system, while Metro Bank hosted a connected client account.
“The successful implementation of a blockchain smartcard retail payment system offers the possibility of significantly reducing current high costs for processing retail transactions. In addition it opens the door to competition in merchant servicing to challenger banks, which are all but excluded from this activity by the incumbent clearing banks. The service which is provided by SETL Payments Ltd, subject to appropriate regulatory approval, could launch as early as 2017.”, reads the press release on setl.io.
Deloitte has previously worked with other blockchain start-ups. The company has built 20 working blockchain prototypes to service industries while collaborating with start – ups BlockCypher, Bloq, ConsenSys Enterprise, Loyyal and Stellar, according to coindesk.com.
However, it is the first time they fund a blockchain start-up. “Blockchain has the ability to transform the industry, and we have been investing heavily in real-world applications, such as identity management, cross-border payments, loyalty, trade finance and a number of others. By harnessing the capabilities of SETL’s blockchain, we can provide our clients with even more practical and transformational solutions.”, said the head of capital markets for Deloitte, David Myers, before coindesk.com.