Cobalt announces Beta Testing of FX Credit Platform

A foreign exchange software provider Cobalt has emitted a new low latency credit management platform
27 June 2018   862

As claimed in official statement today, the platform will diminish the risk for FX traders. It applies advanced technology to control credit and associated market access rules throughout the trade lifecycle in real-time. 

The service was created in order to overcome a credit shortage in the market. The number of credit providers has shrunk over the last few years as they go on suffering losses due to defaulting customers. This can mostly be explained by the fact that credit could not be found in real time and “the party with the credit risk is often the last to know.” The new service suggests central real-time credit management as a way to overcome this problem.

Cobalt guarantees a messaging speed of over one hundred via messages per second, that is possible because it is placed geographically close to major execution venues. It can handle customer reactions to unpredictable events because “it can be pushed dynamically to clients and trading venues in real-time.” This is important because such developments can cause millions of dollars to be lost.

Electronic trading has evolved beyond recognition over recent years, and it’s now critical that credit management catches up. Centralised low latency credit management is the future for the global FX markets and we look forward to leading the charge in creating a more efficient, orderly future for all participants.
Andy Coyne,
Co-Founder, CEO, Cobalt

Cobalt is a firm that applies distributed ledger technology for foreign exchange trading to become more secure and streamlined. Cobalt BlueSky is one product that it offers. It notarizes, encrypts and securely stores foreign exchange contracts. The new platform is presently being beta tested and should be acceptable later this year.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   210

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.


Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.