Banks Sign up to Blockchain Trial for Processing Currency Trades

by Patrick Graham

Aug 16 A venture backed by eight major banks and financial institutions has begun beta testing a peer-to-peer network that aims to use blockchain distributed ledger technology to slash billions off the cost of processing foreign exchange transactions.

Fronted by ex-Citi and Deutsche Bank currencies supremo Andy Coyne, Cobalt DL’s initiative is the latest to move forward with serious real world uses of a technology which promises to simplify banks’ unwieldy computer infrastructure.

Like other blockchain developments under way, it seeks to generate huge cost savings by creating one sole verified record of a transaction or contract and giving all parties access to it. The system is due to go live in 2017.

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