Fintech Firm Colendi Takesover Blockchain Firm SETL
According to reports, the multifunctional banking as a service (BaaS) platform Colendi is in the process of purchasing blockchain settlements and payments provider SETL for terms that have not been published. This change is being made with the intention of helping to strengthen Colendi’s Web3 services.
Colendi will get access to the intellectual property (IP) of SETL and will also acquire the latter’s knowledge in the relevant industry as part of the transaction. According to Tech.eu, Colendi is now working on the development of a new public blockchain infrastructure in order to host native currencies and smart contracts.
SETL is an organization that aims to assist businesses that provide financial services in rethinking their business models and strategies, improving their operational efficiency, and adapting to new and changing regulations. SETL was established in London in 2015 by President Peter Randall and Chief Engineer Anthony Culligan.
“A significant number of our customers are interested in finding a way to transition from internal private blockchains to a public shared ecosystem.” According to what Culligan said to Tech.eu, “this will give that way.”
Colendi is an organization that aims to democratize banking services for customers, merchants, and financial institutions. It was established in 2017 and has its headquarters in Istanbul. CEO Mihriban Ersin Tekmen and Bulent Tekmen were the co-founders of the company. According to the website for Colendi, the organization has more than 10 million customers and has the goal of providing financial services to those who do not have bank accounts or who are unable to get loans.
According to Ledger Insights’ findings, Colendi provides a digital wallet and makes use of a decentralized credit scoring system for its buy now pay later (BNPL) payment partners in Turkey. One of these partners is PayCell. According to the reports, the young company brought in a total of $38 million during its Series A fundraising round and was valued at $158 million at the time.
Colendi is currently working on a variety of projects, including gaming, messaging, investing, and the creation of more decentralized apps (dApps). According to Tech.eu, the business is also moving forward with imminent plans to issue a native network token. The blockchain that is being developed by Colendi will natively accept common formats for NFTs and tokens, and it will also enable cross-chain communication and connectivity between different chains.