IZNES, the pan-European platform for subscriptions and redemptions of European funds using Blockchain technology, announces today it has completed the overhaul of its capital structure, leading to the strengthening of the six asset management companies which were its founding shareholders.
Following this transaction, which saw the exit from the capital of SETL, the company which created the Blockchain technology underlying IZNES, the six asset management companies - OFI AM, Arkéa IS, Groupama AM, La Banque Postale AM, La Financière de l’Echiquier and Lyxor Asset Management – together hold 100% of the stock, thereby renewing their confidence in the project.
This operation strengthens IZNES by giving it the necessary means for its international expansion. Under the terms of the operation, IZNES has acquired the intellectual property, hired SETL’s product management team dedicated to the project and will internalize future IT developments. IZNES still benefits from a license to use SETL’s Blockchain technology.
Since its operational launch in March 2019, IZNES has met with great success, with 1 billion euros of assets registered on the platform. This success is also a reflection of its ability to operate seamlessly in the working environment of Asset Servicers.
IZNES continues to grow in France and Luxembourg as a regulated platform and is striving to enlarge the community of asset managers partnering with it.
Source: IZNES