Today the Cobalt foreign exchange (FX) platform based on distributed ledger technology (DLT) announced that Standard Chartered is in production using the solution for its Prime Brokerage and Executing Broking businesses.
Standard Chartered announced plans to adopt the solution in February last year and followed up with an investment in July 2020.
“This past year has shown that the need for fully automated solutions is essential,” said Andy Coyne, Chief Product Officer and Co-founder of Cobalt. “Institutions have been hampered by antiquated services across their middle office for some time now and they are beginning to wake up to the realisation of the time and cost burden this represents.”
Four months ago, Cobalt announced its expansion into digital assets, having connected to the leading digital asset exchanges.
Cobalt provides a 24/7 post-trade solution for FX and digital assets designed as a middle office platform.
The company says that credit management has been widely mismanaged in the recent past, particularly in Prime Brokerage. Hence, it offers full credit and ledger services for both fiat currencies and digital assets.