BT announces that British startup Cobalt, a fintech company focused on modernizing the foreign exchange market, joins the financial community BT Radianz Cloud .
Cobalt uses distributed ledger technology to deliver the costs and complexity of transaction processing. Blockchain-derived concepts in the field of encryption, digital signatures and consensus, provide one, unchangeable registration of each transaction. This makes it unnecessary to use traditional systems – which often use duplicated processes.
Through the Radianz Cloud community, Cobalt connects itself to thousands of financial service providers worldwide and gives the company access to BT Radianz Hosting services. Radianz Hosting provides global hosting services from over twenty major cities for the capital market.
The Cobalt platform is one of the first commercially applied systems that use blockchain for the financial market. Cobalt argues that the company can bring down the IT-related currency trading costs that banks make – by an average of $ 500 million – by about 80% (source: Financial Times ).