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Home»Fintech»United Fintech buys FX and digital assets specialist Cobalt
Fintech

United Fintech buys FX and digital assets specialist Cobalt

December 17, 2022No Comments2 Mins Read
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United Fintech, an outfit devoted to scooping up a secure of capital markets fintechs, has acquired Cobalt, a supplier of threat and information providers to the FX and digital asset markets. Phrases weren’t disclosed.

Based in 2015, Cobalt offers core shared ledger infrastructure for banks in overseas trade buying and selling and digital belongings. The corporate’s platform makes use of “blockchain-derived ideas” to create a single, shared view of each transaction and take away the necessity for reconciliation throughout siloes and a number of techniques.

The agency has constructed up a shopper roster that features high tier banks like Deutsche Financial institution, Citi Financial institution, Barclays, BNP, Natwest, ABN Amro and Normal Chartered Financial institution.

Below the deal, Cobalt will proceed to function as a standalone firm underneath its present management, with United Fintech CEO Christian Frahm turning into chairman.

Launched in 2020, United Fintech, has set its sights on shopping for up a slate of capital markets fintechs and serving to them promote their services to the world’s large monetary establishments. Cobalt is its fifth acquisition, following FairXchange, TTMZero, Athena Techniques and NetDania.

Says Frahm: “International Change is a core a part of a financial institution’s infrastructure in the present day. Sooner or later I’m satisfied digital belongings will change into a key asset class within the refined cash administration house, whereas monetary establishments and banks will want a excessive degree of experience and know-how to thrive within the coming digital banking period.

“Cobalt’s know-how is a good addition to the United Fintech world vary of services and I sit up for the brand new part of our progress journey collectively.”

See also  Zopa bank passes £2 billion in deposits

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