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, today announced a partnership with LMRKTS. It will be the first firm to offer services on BlueSky, the shared ledger component of Cobalt’s platform.

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By partnering with Cobalt BlueSky, LMRKTS will be able to offer improved multi-lateral compression services to the broader group of Cobalt’s ledger members as well as existing LMRKTS customers. LMRKTS will use Cobalt’s reconciled transaction data to drive compression algorithms with results delivered back to Cobalt.

Adrian Patten, Co-Founder and Chairman of Cobalt, said: “We are delighted to welcome LMRKTS as a BlueSky partner. Our partnership brings together 18 of the leading FX participants to take advantage of LMRKTS improved compression services and is the next step in our mission to cut costs and reduce risk for all market participants. We look forward to increasing the number of collaborations over the coming weeks and months”.

Lucio Biase, CEO of LMRKTS, commented: “We are always on the lookout for industry trusted partnerships that advance the needs of our clients by delivering broader, more innovative product offerings to the market. Secure and rapid access to transaction data, provided by Cobalt and its BlueSky service, will enable LMRKTS to reduce cost, risk and reliance on legacy systems for our expanding client base.”