A major securities market maker is linking up with a blockchain startup focused on post-trade currency settlement.

London-based Cobalt has inked a deal with Citadel Securities, one of the world’s largest firms of its kind – according to data from the Financial Times, Citadel accounted for nearly 35% of the US wholesale market body of market makers. The firm also forms a notable segment of the high-frequency trading (HFT) ecosystem.

“We support efficient, fair and transparent markets and believe that Cobalt’s platform is an important step in enhancing FX market efficiency, particularly around credit and clearing,” Kevin Kimmel, Citadel Securities’ head of electronic foreign exchange, said of the deal.

Along with Citadel, Cobalt signed on XTX Markets, an electronic market maker, which like the startup is also headquartered in London.

Cobalt is moving toward a platform launch for sometime this year, although the startup hasn’t yet given a firm release data. In a blog post detailing the integrations with Citadel and XTX, the company said that it is beta-testing its platform with 22 partners.

The announcement comes months after Cobalt netted an undisclosed amount of funding from Citi, according to Business Insider.

FX trade image via Shutterstock

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