FX blockchain firm Cobalt DL announced it has secured Citi as an investor and appointed the former chief executive officer at Nasdaq NLX as a strategic advisor.
Citi has also become one of the launch clients for Cobalt’s FX post-trade tool, which is currently in beta testing on a private peer-to-peer blockchain enabled network.
The tool - due to launch in 2017, with 15 FX institutions already signed up - will reduce risk and cut post-trade costs by up to 80%, Cobalt DL said.
James Bindler, global head of G10 FX at Citi, explained the post-trade tool has the “potential to significantly improve post-trade services by cutting costs and reducing risk for our industry.”
Cobalt DL also announced the appointment of Charlotte Crosswell, the former chief executive officer at Nasdaq NLX, as a strategic advisor focusing on strategic partnerships.
Crosswell said she believes Cobalt DL is “well positioned to drive the changes we expect to see in this industry and deliver on real cost savings for market participants.”
Andy Coyne, co-founder of Cobalt DL, added collaborating with Citi and Crosswell “will help us achieve our aim of transforming the FX post-trade landscape to the benefit of all market participants.”