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 initiative leverages blockchain 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.