Standard Chartered has gone live on Cobalt’s foreign exchange market infrastructure platform for its prime brokerage and executing broking business.
Standard Chartered signed up to use the Cobalt infrastructure in February last year, joining Citi as the second client-side backer of the blockchain-based network. It then then invested in the business in July, billing the platform as a core part of its FX operations.
By creating a single version of a trade and checking credit in real-time Cobalt allows for dynamic credit allocation across clients and counterparties, cutting operational costs and reducing credit, settlement and operational risk.
Bank users can white-label the platform under their own brand for client-facing operations.
More recently, Cobalt has expanded its platform into the cryptcurrency space, connecting to leading digital exchanges, and offering full credit and ledger services.
Andy Coyne, chief product officer and co-founder of Cobalt says: As we enter the next stage of Cobalt’s investment and product journey, we look forward to having an institution of Standard Chartered size as key proponent of our system.”