Deloitte has invested in blockchain startup SETL, the first time the firm has (publicly) funded the technology. The two had previously worked together, trialling a contactless payment card with Metro Bank which is expected to launch in 2017.

SETL completed an initial funding round earlier this year and has since augmented itself with some new board members and the appointment of security expert Martin Clements. It has also entered into a regulatory sandbox scheme with the UK’s Financial Conduct Authority.

“This investment demonstrates Deloitte’s commitment to help our clients build the future of financial services with emerging technologies,” says David Myers, Head of Capital Markets at Deloitte. “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.”

SETL CEO Peter Randall confirmed that the two companies had been working together for more than 12 months prior to the funding – the valuation of which has not been announced – and that SETL is looking forward to Deloitte’s “ongoing commitment”.

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by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: