Former Deutsche COO Ritchotte invests in Cobalt

Deutsche Bank’s former chief operating officer bets on tech firm’s future success

Cost reductions: “Cobalt’s network is an elegant solution that provides significant benefits for users and will reshape the industry as we know it” – Henry Ritchotte

Former Deutsche Bank chief operating officer Henry Ritchotte has made an undisclosed investment in technology firm Cobalt shortly before the company is due to launch a post-trade processing network based on shared-ledger technology later this year.

Cobalt’s post-trade foreign exchange platform, which is currently in beta production, allows clients to significantly reduce reconciliation and back-office operational costs, with co-founders Andy Coyne and Adrian Patten citing reductions of up to 80