A Bitcoin (virtual currency) paper wallet with QR codes and a coin are seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, May 27, 2015. REUTERS/Benoit Tessier/File Photo
LONDON: 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 US$5tril-a-day (RM20.78tril-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.
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