A major securities market maker is linking up with a blockchain startup focused on post-trade currency settlement.
London-based Cobalt has inked a deal with Citadel Securities, one of the world’s largest firms of its kind – according to data from the Financial Times, Citadel accounted for nearly 35% of the US wholesale market body of market makers. The firm also forms a notable segment of the high-frequency trading (HFT) ecosystem.
Along with Citadel, Cobalt signed on XTX Markets, an electronic market maker, which like the startup is also headquartered in London.
Cobalt is moving toward a platform launch for sometime this year, although the startup hasn’t yet given a firm release data. In a blog post detailing the integrations with Citadel and XTX, the company said that it is beta-testing its platform with 22 partners.
The announcement comes months after Cobalt netted an undisclosed amount of funding from Citi, according to Business Insider.
FX trade image via Shutterstock