Citi Invests in Cobalt DL FX Post-Trade Processing Blockchain

In addition, former Nasdaq NLX CEO Charlotte Crosswell joins Cobalt DL as Strategic Advisor to help it forge new partnerships.

Cobalt DL, a blockchain startup co-founded by former Traiana CEO Andrew Coyne and former Mako FX owner Adrian Patten for developing an FX post-trade processing network, has just announced Citi is an investor and launch client. Citi thus joins financial technology specialist First Derivatives which invested and partnered with Cobalt DL earlier this year.

To unlock the Asian market, register now to the iFX EXPO in Hong Kong.

Cobalt DL’s FX solution is set to launch in 2017, with 15 institutional FX participants already committed to the service. By creating a single, shared view of a transaction, Cobalt DL promises it will free up back and middle office resources that are currently overwhelmed by the need for continuous reconciliation across multiple systems.

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

James Bindler, Global Head of G10 FX, Citi, said: “We have been impressed with the way Cobalt DL is redesigning the post-trade FX infrastructure with its practical implementation of distributed ledger technology. The Cobalt DL solution has the potential to significantly improve post-trade services by cutting costs and reducing risk for our industry.”

Suggested articles

Secretum - The SOLANA Messaging App For The Blockchain EraGo to article >>

Andrew Coyne, CEO and Co-Founder, Cobalt DL
Andrew Coyne, CEO and Co-Founder, Cobalt DL

Andy Coyne, co-founder of Cobalt DL, comments: “We have set out to radically improve the FX post-trade landscape by removing inefficiencies, duplicative legacy infrastructure and processes, as well as reducing significant costs and risks. As we stand at a point of change for the FX post-trade landscape, we are delighted to welcome Citi as one of our investors and as an active market participant when we go live.”

Strategic focus

The company also announced today that Charlotte Crosswell, a former Nasdaq NLX CEO, is joining Cobalt DL as Strategic Advisor with a particular focus on strategic partnerships as it nears launch.

Charlotte Crosswell, Strategic Adviser, Cobalt DL
Charlotte Crosswell, Strategic Adviser, Cobalt DL

Charlotte Crosswell, Strategic Adviser, Cobalt DL, comments: “I am delighted to be joining Cobalt DL at such an exciting time for the company and the industry. With continued scrutiny on efficiencies within the FX post-trade arena, I believe Cobalt DL is extremely well positioned to drive the changes we expect to see in this industry and deliver on real cost savings for market participants.”

Coyne added: “We are thrilled that Charlotte Crosswell has joined the Cobalt DL team as our Strategic Advisor. Given her industry experience and insight, we believe she will be instrumental in forging the right partnerships for the future. Collaborating with Charlotte Crosswell and Citi will help us achieve our aim of transforming the FX post-trade landscape to the benefit of all market participants.”

Got a news tip? Let Us Know