Professional services and consulting firm Deloitte has invested in London-based fintech firm SETL.

The investment marks the first time that Deloitte has publicly funded the technology.

Earlier in 2016, SETL completed its first funding round. The startup recently became part of a regulatory sandbox initiative launched by the UK’s Financial Conduct Authority.         

Deloitte head of capital markets David Myers said: “This investment demonstrates Deloitte’s commitment to help our clients build the future of financial services with emerging technologies. 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."

Last month, Deloitte and SETL partnered with Metro Bank to trial a contactless card that allows retail payments to be processed through blockchain. The product is expected to launch in 2017.

In May 2016, Deloitte unveiled plans to launch its blockchain lab in Dublin, Ireland.

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