| Customers: Citigroup Financial Services, Investments and Auditing Contractors: Cobalt DL Product: Projects based on blockchain technologyProject date: 2020/02
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At the beginning of February, 2020 the financial giant Citi announced implementation of the blockchain platform developed by Cobalt DL company for a currency exchange. This cooperation was preceded by investments from Citi.
Main advantage of technology of the distributed register which began to be used in Citi is the uniform source of information or "the standardized joint report on all transactions with currency". Finally the blockchain reduces costs and time which leaves on approval of actions of different auxiliary offices.
 | The Cobalt platform will allow to work effectively with transactions on a currency exchange using runtime allocation and optimization of credit lines, - the head of Citi on a currency exchange Itay Tuchman claims. |  |
The solution was brought into test operation in September, 2019 and supports both aggregation, and netting and also services in management of the credits and providing final outputs. It was already integrated with the MarkitSERV platform.
The CEO of Cobalt Darren Coote commented on actions of Citi as follows:
| | They attach the platform to large currency institutes, including, among other things, the largest brokers and the main non-bank liquidity provider, showing the width of offers of Cobalt in foreign exchange market. | |
The Citi bank for the first time announced investments into Cobalt in 2016. Other famous users of a blockchain platform are Deutsche Bank and Saxo Bank, and IHS Markit and the Singapore exchange are considered as her investors.
One more blockchain player in the market of a currency exchange is CLS company which in cooperation with IBM started network CLSNet solution blockchain. Goldman Sachs and Morgan Stanley also took part in an initiative. Besides, it is expected that the market of a currency exchange will be soon entered by Fnality which prepares for release of a universal settlement coin (USC).[1]
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Notes
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