Cobalt has received an undisclosed investment from former Deutsche Bank COO Henry Ritchotte, who also joins as strategic advisor.
The company is a peer-to-peer network which reduces the post-trade cost and risk for financial institutions operating in the FX markets. Colbalt’s platform uses encryption, digital signatures and consensus to deliver a clear trade record.
Currently, the platforms beta is live and the company plans to fully launch the product later in the year.
Ritchotte said, “There has been comparatively little investment in post-trade over the past few decades. Cobalt’s network is an elegant solution that provides significant benefits for users and will reshape the industry as we know it.”
Late last year Citigroup made an undisclosed investment into the company.
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