Even if the size of Citis investment in Cobalt was not disclosed, the bank’s support is the latest step forward for Cobalt, seen by industry players as one of several new initiatives in this area to deliver promised savings on processing currency trades, according to Reuters.
Across the globe, the US bank is a big trader of currencies and therefore it is also involved in a number of other moves that aim to cut the cost of settlement, credit and execution in the USD 5 trillion a day foreign exchange market.
Currently, foreign exchange trades need multiple records for buyer, seller, broker, clearer and third parties and then reconciliation across multiple systems. here is the part where blockchain solution might help. According to Reuters, Cobalt also said that Charlotte Crosswell, a former Nasdaq executive and City of London veteran, had joined the firm as an adviser to help to forge partnerships and that it expected to bring in more investors in 2017.
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