Standard Chartered joins Cobalt DLT FX platform

Friday 28 February 2020 14:14 CET | News

UK-based foreign exchange company Cobalt has announced that Standard Chartered plans to join its foreign exchange (FX) DLT-based post-trade platform.

Earlier this month, the firm announced that one of its investors, Citi, plans to go live. The solution went into production last September with major users Deutsche Bank, XTX and Saxo Bank. Cobalt enables a reduction of reconciliation by providing a single shared ledger for transactions and supports netting.

The solution is also integrated with the MarkitSERV platform from Cobalt’s biggest outside shareholder, IHS Markit. Standard Chartered is active in the blockchain sector, particularly in trade and supply chain finance. It is a member of three trade finance consortia, eTradeConnect in Hong Kong, the letter of credit solution Contour, and Marco Polo. Plus, it uses the Singapore-based dltledgers trade finance platform.

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Keywords: Cobalt, Standard Chartered, FX , trade platform, FX trade, trade finance, blockchain, trade finance consortium, Marco Polo, foreign exchange
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech