Cobalt today announced it’s relaunching as CobaltFX and its Digital Asset division will create a “new venture” on the same platform in the second quarter of the year.
Founder Andrew Coyne highlighted that a key focus for CobaltFX’s team will be product innovation and growth acceleration.
Cobalt was acquired by United Fintech in December 2022 from Citibank, Standard Chartered Bank, S&P Global, Singapore Exchange. As part of its on-boarding onto United Fintech’s digital capital markets product platform, Cobalt is relaunched as CobaltFX and going back to its “roots” of focusing on foreign exchange.
Andrew Coyne, who himself has been onboarded as part of United Fintech, said:
Andrew Coyne
CobaltFX’s goal is to re-engineer the world of Foreign Exchange through a rock solid platform focusing on credit optimisation and post-trade FX. Dynamic Credit being the most important starting point. 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.
Digital asset venture in Q2
With CobaltFX solely interested in the forex industry, the company’s digital asset (DA) division falls outside the product offering. However, CobaltFX’s ascending CEO Marc Levin highlighted that the growing digital asset space makes the new venture “the next thing banks will want.”
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. Hence the spin-off of Cobalt’s DA product as part of a bigger United Fintech play in this area; we’re very excited to announce this later in Q2. Until then, I’m very pleased I get to join this adventure with Andy Coyne and Darren Coote.
Levin will continue in his current role as Group COO in United Fintech where he has been since its launch in 2020. As part of Cobalt’s relaunch, Darren Coote will take on a bigger role in United Fintech, where he will work with other partner companies. Elizabeth Missfeld will step in as COO and Erik Nordahl as CTO.
Andrew Coyne concluded:
United Fintech has a unique model that does not seek to absorb the partner companies, but rather exploit all the product synergies for clients making it easier for banks and financial institutions to adopt multiple products through a single platform, allowing clients to adopt and select solutions, contracting with United Fintech directly. Thus if you’re a client of one of the products, you can more seamlessly license and implement other products, significantly reducing procurement processes and onboarding.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
