e-FX Awards: Cobalt – e-FX Initiative of the Year

The distributed ledger technology firm aims to cut post-trade costs by up to 80%

Andy Coyne at Traiana
Cobalt was co-founded by Andy Coyne, previously Traiana's chief executive

An established company’s worst nightmare is to have a snazzy newcomer going around telling its customers they are paying too much and can cut their costs by up to 80%, and offer better services.

Adrian Patten, co-founder and chairman of Cobalt, is doing just that. With the aim of creating a shared back and middle office for the foreign exchange market, the distributed ledger-based (DL) technology firm has the long-neglected post-trade space firmly in its sights.

Cobalt scooped the e-FX Initiat