[2016-10-26] Firstpost: Start-ups team-up for currency processing on Blockchain

Start-ups team-up for currency processing platform on Blockchain

http://tech.firstpost.com/news-analysis/start-ups-team-up-for-currency-processing-platform-on-blockchain-343562.html

Two London-based start-ups have joined forces on a platform to process currency trades with blockchain technology, in an effort to cut settlement times and costs in the $5 trillion-a-day global foreign exchange market. Cobalt DL, fronted by former Citi and Deutsche Bank currencies supremo Andy Coyne and backed by 15 major foreign exchange market participants, is partnering with fellow London-based firm SETL, which says it can settle transactions via the blockchain almost instantly.

Blockchain, which originated in the digital currency bitcoin, works as a web-based transaction processing and settlement system. It creates a “golden record” of any given set of data that is automatically replicated for all parties in a secure network, eliminating any need for third-party verification.