Cobalt closes investment, welcomes Henry Ritchotte to advisory board
Cobalt is now preparing a full live launch of its shared ledger technology-based platform…
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 also become a member of Cobalt’s strategic advisory board.
Henry Ritchotte spent over two decades at Deutsche Bank 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, he has established RitMir Ventures, a principal investment firm focused on investing in products and services that transform finance through disruptive regulatory and technology driven business models.
Cobalt delivers a private peer-to-peer network that reduces post-trade costs and risk for institutions operating in today’s FX market. Built on shared ledger technology, the platform is designed to create a single, shared view of a transaction on shared infrastructure, allowing clients to reduce reconciliation and operational costs. A beta version of the platform is live currently, with a full live version launching later in 2017.
Adrian Patten, co-Founder of Cobalt, said: “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.”
Meanwhile, Henry Ritchotte, Founder of RitMir Ventures, explained: “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.”