United Fintech's Cobalt to Focus on FX Services with Relaunch
- As CobaltFX, the company will no longer offer digital asset services.
- It will create a separate digital asset venture in Q2.
On Tuesday, Cobalt, a United Fintech-owned company, announced a rebranding and relaunching of its services as CobaltFX to concentrate its focus only on the foreign exchange (FX) market.
CobaltFX to Entirely Focus on FX Services
"CobaltFX's goal is to re-engineer the world of Foreign Exchange through a rock-solid platform focusing on credit optimization and post-trade FX. Dynamic Credit being the most important starting point," said the Founder of CobaltFX (previously Cobalt), Andrew Coyne, who is now a part of United Fintech.
United Fintech acquired CobaltFX entirely last December from the previous owners, which included Citibank, Standard Chartered Bank, S&P Global, and Singapore Exchange. It was the fifth acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term of Christian Frahm's venture, which aims to acquire and accelerate fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term startups.
Though CobaltFX operates independently following the acquisition, its clients have been migrated onto the United Fintech platform.
"As part of United Fintech, we join four other partner companies, retaining our formal status as a partner company," Coyne added. "There are a lot of synergies between the partner companies and United Fintech. Not only from a client and solution perspective, but from a visionary perspective; together, we're stronger than ever."
In addition, Coyne highlighted the importance of the change of ownership as it removed "administrative distractions" and strengthened global distribution, sales, and marketing.
New Digital Asset Venture
The strategic business move of CobaltFX will temporarily put the digital asset service of the company outside its product offering. The company will spin off its digital asset division by forming a new venture in Q2, details of which will be provided later.
"We believe both opportunities are huge and should be pursued, but not under the same banner," said Marc Levin, the Group COO of United Fintech, who also took over as the CEO of CobaltFX.
"While FX and DA are similar in many ways, and likely to merge in the future, the two industries are currently at very different maturity stages of their evolution, largely operating independently and therefore requiring different approaches to be successful on their own. Hence the spin-off of Cobalt's DA product as part of a bigger United Fintech play in this area; we're very excited to announce this later in Q2."
On top of that, the latest relaunch as CobaltFX brought in some major management shuffles. As a part of the move, the former Managing Director at Cobalt, Darren Coote, will take a bigger role in United Fintech; United Fintech's Head of Strategic Transformation and Execution, Elizabeth Missfeld, will become the COO of CobaltFX; and Erik Nordahl, a Partner and the Group CTO at United Fintech, took up the charges as the CTO.
FMA flags CFDs broker and AI in portfolio management, read today's news nuggets.
On Tuesday, Cobalt, a United Fintech-owned company, announced a rebranding and relaunching of its services as CobaltFX to concentrate its focus only on the foreign exchange (FX) market.
CobaltFX to Entirely Focus on FX Services
"CobaltFX's goal is to re-engineer the world of Foreign Exchange through a rock-solid platform focusing on credit optimization and post-trade FX. Dynamic Credit being the most important starting point," said the Founder of CobaltFX (previously Cobalt), Andrew Coyne, who is now a part of United Fintech.
United Fintech acquired CobaltFX entirely last December from the previous owners, which included Citibank, Standard Chartered Bank, S&P Global, and Singapore Exchange. It was the fifth acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term of Christian Frahm's venture, which aims to acquire and accelerate fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term startups.
Though CobaltFX operates independently following the acquisition, its clients have been migrated onto the United Fintech platform.
"As part of United Fintech, we join four other partner companies, retaining our formal status as a partner company," Coyne added. "There are a lot of synergies between the partner companies and United Fintech. Not only from a client and solution perspective, but from a visionary perspective; together, we're stronger than ever."
In addition, Coyne highlighted the importance of the change of ownership as it removed "administrative distractions" and strengthened global distribution, sales, and marketing.
New Digital Asset Venture
The strategic business move of CobaltFX will temporarily put the digital asset service of the company outside its product offering. The company will spin off its digital asset division by forming a new venture in Q2, details of which will be provided later.
"We believe both opportunities are huge and should be pursued, but not under the same banner," said Marc Levin, the Group COO of United Fintech, who also took over as the CEO of CobaltFX.
"While FX and DA are similar in many ways, and likely to merge in the future, the two industries are currently at very different maturity stages of their evolution, largely operating independently and therefore requiring different approaches to be successful on their own. Hence the spin-off of Cobalt's DA product as part of a bigger United Fintech play in this area; we're very excited to announce this later in Q2."
On top of that, the latest relaunch as CobaltFX brought in some major management shuffles. As a part of the move, the former Managing Director at Cobalt, Darren Coote, will take a bigger role in United Fintech; United Fintech's Head of Strategic Transformation and Execution, Elizabeth Missfeld, will become the COO of CobaltFX; and Erik Nordahl, a Partner and the Group CTO at United Fintech, took up the charges as the CTO.
FMA flags CFDs broker and AI in portfolio management, read today's news nuggets.