Cobalt, owned by United Fintech, is changing its services and rebranding as CobaltFX, focusing solely on the foreign exchange market.
The Founder of CobaltFX (previously Cobalt), Andrew Coyne, said:
CobaltFX’s goal is to re-engineer the world of Foreign Exchange through a rock-solid platform focusing on credit optimization and post-trade FX. Dynamic Credit being the most important starting point
Last December, UF bought CobaltFX from its previous owners, which included Citibank, Standard Chartered Bank, S&P Global, and Singapore Exchange. This was the fifth acquisition for Christian Frahm’s venture, which focuses on taking over and boosting fintech startups.
Although CobaltFX still works separately after the acquisition, its clients have been shifted to the United Fintech system.
He added:
As part of United Fintech, we join four other partner companies, retaining our formal status as a partner company. There are a lot of synergies between the partner companies and United Fintech. Not only from a client and solution perspective, but from a visionary perspective; together, we’re stronger than ever
CobaltFX is temporarily separating its digital asset services from its product offerings. The company will create a new venture in the second quarter of the year to handle these services, and more information will be available soon.
The Group COO of United Fintech, Marc Levin, said:
We believe both opportunities are huge and should be pursued, but not under the same banner. While FX and DA are similar in many ways, and likely to merge in the future, the two industries are currently at very different maturity stages of their evolution, largely operating independently and therefore requiring different approaches to be successful on their own.
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