Citi-Backed Blockchain Startup Setl Brings in BCG Executive as CEO Read more:

[Magician]

UK-based blockchain startup Setl said on Tuesday it had hired Philippe Morel to serve as its new CEO. So far a high-ranking executive at management advisory major Boston Consulting Group (BCG), Morel is taking over the CEO responsibilities from Setl co-founder Peter Randall, who will step into the role of company president.

Morel’s professional experience has been mostly accumulated during his 26 years at BCG, where he has held a number of senior positions, including head of the London office and later of the capital markets division. Sir David Walker, chairman of Setl, commented:

“[Morel] 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.”

Randall, formerly CEO of pan-European equities venue Chi-X, co-founded Setl in 2015 with Francois Barthelemy. Setl has placed several leading financial specialists on its board, among them Bank of England former deputy governor Rachel Lomax and Ofcom ex-chief Ed Richards. Setl also brought in the former Barclays chairman Walker to lead its board.

The startup offers distributed ledger technology (DLT) solutions that allow direct delivery of assets and cash. Setl has two main products: Iznes, a European record-keeping platform for funds, and OpenCSD, a central securities depository for bonds, equities, and other financial instruments.

Morel’s appointment as CEO comes after the blockchain project received a CSD license in France.

“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. In addition, a SETL powered CSD has received approval from the AMF (French Financial Markets Regulator) to operate and permission from T2S to connect to the European Securities Settlement System,” Morel said.

In February, Citigroup and Credit Agricole bought stakes in the company, joining shareholders such as Computershare, S2iEM, and Deloitte. Several months later, Barthelemy left the project over disagreement about the future direction of the company.

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