The former global head of Spot FX at Lloyds, Darren Coote, has invested in blockchain-based FX post trade platform Cobalt, and joined as an advisor.
Cobalt has enjoyed quite a bit of support from across the global FX industry, to build a shared back and middle office. More than 20 institutions have already signed up to the platform, including three of the top five FX trading banks and two of the world's largest non-bank FX trading firms, Citadel Securities and XTX Markets. Other investors include Citi, First Derivatives, Digital Currency Group and ex-Deutsche Bank COO Henry Ritchotte.
Darren Coote brings over 25 years' experience in FX, having held a number of high profile roles running global FX trading and e-FX businesses at UBS and Lloyds. He has also served on a number of FX boards and committees including the Bank of England's FX Joint Standing Committee and EBS's executive board prior to the company's sale to ICAP in 2006.
Adrian Patten, Co-Founder of Cobalt, said: "Darren's extensive and varied experience in the global FX industry adds invaluable expertise to our advisory board. His investment is another vote of confidence from a leading FX market player as we move towards our live launch later this year."
Darren Coote added: "Post-trade FX technology has remained stagnant for too long, but Cobalt offers a genuinely viable and innovative alternative to the outdated infrastructure the industry is forced to use today. I look forward to playing a part in the next stage of the company's development as we help to address an urgent market need."