UK-based fintech startup Cobalt has added electronic trading houses Citadel Securities and XTX Markets to its impressive list of participants who have committed to become users of its new blockchain-based institutional forex settlements platform.
Cobalt has developed a post-trade processing system for the currency market that utilizes distributed ledger technology to increase the processing time for trades as well as to reduce post-trade costs. Cobalt is among the first companies to create a large-scale financial solution using blockchain technology.
Due to the blockchain’s inherent security features such as immutability and quick resolution of any mismatched data, it provides an effective solution for the trade settlements infrastructure in the currency markets. Currently, banks are spending large amounts of money on technology they need in order to provide trust and verification for secure trading and Cobalt believes it can
Read more ... source: TheBitcoinNews
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