In a sign that digital assets are becoming mainstream, institutional foreign exchange post-trade platform Cobalt has expanded into digital assets.
Distributed ledger technology powered Cobalt is backed by Citi, Standard Chartered, IHS Markit and the Singapore Exchange, amongst others. Apart from some of the investors, clients include XTX Markets, Deutsche Bank and Saxo Bank. The platform is also used by Prime Brokers, Liquidity Providers, Retail Brokers and Exchanges. The FX solution, which launched a year ago, is integrated with the MarkitSERV global network.
One of the key benefits of Cobalt’s solution is a shared ledger, so there’s a single source of truth about a trade. Another is a credit management facility allowing dynamic allocation of credit across clients and counterparties.
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