Blockchain start-ups pair up on currency processing platform

By Jemima Kelly LONDON (Reuters) – Two London-based start-ups have joined forces on a platform to process currency trades with blockchain technology, in an effort to cut settlement times and costs in the $5 trillion-a-day (4.10 trillion pounds) global foreign exchange market. Cobalt DL, fronted by former Citi and Deutsche Bank currencies supremo Andy Coyne and backed by 15 major foreign exchange market participants, is partnering with fellow London-based firm SETL, which says it can settle transactions via the blockchain almost instantly. In contrast, the current foreign exchange market requires multiple records to be created for buyer, seller, broker, clearer and third parties in currency trades, and then reconciliation across multiple systems.

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