Blockchain Services Firm Cobalt Sets Darren Coote As Managing Directorbr>
Cobalt, a blockchain post-trade services provider to the foreign exchange (FX) market, has announced the appointment of Darren Coote as Managing Director.
Coote has been in the FX industry for over thirty years. He has already been working with Cobalt for nine months. Cobalt uses blockchain to reduce the complexity of the post-trade cycle. Rather than having numerous records for multiple parties, a single, immutable record is created.
“Cobalt is a unique solution which solves an urgent need for participants by creating a shared FX post-trade back office utility, significantly reducing risk and cost by 80%,” said Coote, “I’m excited to play a key role in Cobalt’s development as we prepare to go live this year and reengineer the FX market from the ground up.”