Cobalt Closes Investment from Former Deutsche COO

Cobalt, the FX post-trade processing network based on shared ledger technology, has closed an investment from Henry Ritchotte, the former COO of Deutsche Bank, who will become a member of Cobalt’s strategic advisory board.

Ritchotte spent over two decades at Deutsche, where he was a member of the management board and Group Executive Committee acting as chief operating officer and chief digital officer. 

Since leaving the bank at the end of 2016, Ritchotte established RitMir Ventures, a principal investment firm focused on investing in products and services transforming finance through disruptive regulatory and technology driven business models.

Cobalt delivers a private peer-to-peer network aimed at significantly reducing post-trade costs and risk for institutions operating in today’s FX markets. The platform is designed to create a single, shared view of a transaction on shared infrastructure and the firm claims that this allows clients to reduce reconciliation and operational costs by up to 80%. With its production beta now live, Cobalt is ramping up to launch its live platform later this year.

Adrian Patten, co-founder of Cobalt, comments: “Henry’s investment reflects the increased interest our platform is receiving from the wider financial industry. With our innovative technology and his experience and knowledge, we are strongly positioned to redesign post-trade.”

Ritchotte adds: “There has been comparatively little investment in post-trade over the past few decades. Cobalt’s network is an elegant solution that provides significant benefits for users and will reshape the industry as we know it. I look forward to working with the leadership team on their fresh approach to the post-trade challenges shared by all FX participants.”

galen@profit-loss.com

@Galen_Stops

@Profit_and_Loss

Galen Stops

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