Fintech Startup Cobalt DL Receives Investment from Citi
The amount of the deal was not disclosed.
Led by Andy Coyne, Co-Founder, Cobalt DL has commenced beta testing with a number of FX participants on its private peer-to-peer network that uses distributed ledger technology to reduce risk and cut post-trade costs.
From a single transaction, existing infrastructure creates multiple trade records for buyer, seller, broker, clearer and third parties. By creating a single, shared view of a transaction, Cobalt DL aims to free up back and middle office resources that are currently overwhelmed by the need for continuous reconciliation across multiple systems.
The FX solution – designed to integrate with all trading sources and venues – is set to launch in 2017, with 15 institutional FX participants already committed to the service.
Beyond investing, Citi has become one of the launch clients for the company’s Cobalt FX post trade solution.
In addition to the investment, the company has named Charlotte Crosswell, former Nasdaq NLX CEO, as Strategic Advisor with a particular focus on strategic partnerships.
First appeared at FinSMEs