Cobalt’s FX Blockchain Network Secures Citadel Securities and XTX Markets

Cobalt DL, the FX post-trade processing network, has secured Citadel Securities and XTX Markets as launch clients for its Cobalt FX post-trade solution which aims at removing duplicative infrastructure and processes, as well as reducing significant costs and risks.

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Set to launch later this year, with 22 leading institutional FX participants already committed to the service, Cobalt DL’s FX solution has begun beta testing with a number of FX participants on its private peer-to-peer network. The Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term initiative leverages Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology to reduce risk and cut post-trade costs by up to 80 percent, the FX blockchain firm claims.

The Cobalt DL technology is designed to integrate existing infrastructures and creates multiple trade records for buyers, sellers, brokers, clearers and third parties. By creating a single and shared view of a transaction, Cobalt DL aims to free up back and middle office resources that are currently overwhelmed by multiple unnecessary license fees, ticketing charges, IT overheads and staff costs.

As the company moves closer to a live launch, Cobalt is also expanding its operational capacity with three senior hires and a new office in New York. Devika Darbari will head the company’s operations in the United Sates as she joins Cobalt in the role of its newest COO. Devika most recently served as a board member and CEO Americas at JDX Consulting.

Back in 2016, former Nasdaq NLX CEO Charlotte Crosswell also joined Cobalt as Strategic Advisor with a particular focus on strategic partnerships.