Following its recent acquisition by United Fintech, Cobalt is relaunching as CobaltFX and will be spinning off its digital asset business into a new venture on the same platform.
Founded in 2015, Cobalt offers core shared ledger infrastructure for banks, including Deutsche Bank, Citi, Barclays, BNP Paribas, NatWest, ABN Amro, and Standard Chartered Bank, specifically in the realms of foreign exchange trading and digital assets.
In December, the company was acquired by United Fintech, which focuses on acquiring a range of capital markets fintech firms. While previously operating as a standalone business, Cobalt is now returning to its roots by concentrating exclusively on foreign exchange under the leadership of United Fintech’s COO, Marc Levin.
The digital asset division will be established as a separate entity within the United Fintech portfolio, with plans for its launch in the second quarter. Levin stated, “While FX and DA share similarities and may converge in the future, the two sectors are currently at different stages of maturity, often functioning independently and requiring distinct strategies for success. This is why Cobalt’s digital asset product is being spun off as part of a broader strategy within United Fintech.”