United Fintech’s Cobalt to focus on FX services with relaunch
On Tuesday, Cobalt, a United Fintech-owned company, announced a rebranding and relaunch of its services as CobaltFX to concentrate its focus solely on the foreign exchange (FX) market.
“CobaltFX’s goal is to reinvent the world of forex through a rock-solid platform focused on credit optimization and post-trade FX. Dynamic credit is the key starting point,” said CobaltFX (formerly Cobalt) founder Andrew Coyne, now part of United Fintech.
United Fintech bought CobaltFX outright last December from its previous owners, which included Citibank, Standard Chartered Bank, S&P Global and the Singapore Exchange. It was the fifth acquisition of Christian Frahm’s venture, which aims to acquire and accelerate fintech startup.
Although CobaltFX operates independently following the acquisition, its clients have been migrated to the United Fintech platform.
“As part of United Fintech, we join four other partner companies, and retain our formal status as a partner company,” Coyne added. “There are many synergies between the partner companies and United Fintech. Not only from a customer and solution perspective, but from a visionary perspective; together we are stronger than ever.”
Coyne also highlighted the importance of the change in ownership as it removed “administrative distractions” and strengthened global distribution, sales and marketing.
New Digital Asset Venture
The strategic business move of CobaltFX will temporarily put the digital asset service of the company outside the product offering. The company will spin off its digital assets division by forming a new venture in Q2, details of which will be provided later.
“We believe both opportunities are huge and should be pursued, but not under the same banner,” said Marc Levin, Group COO of United Fintech, who also took over as CEO of CobaltFX.
“While FX and DA are similar in many ways, and likely to merge in the future, the two industries are currently at very different maturity stages of development, operating largely independently and therefore requiring different approaches to succeed on their own. Hence spin -off of Cobalt’s DA product as part of a larger United Fintech play in this space; we are very excited to announce this later in Q2.”
The latest relaunch as CobaltFX also brought about some major management changes. As part of the move, former Cobalt CEO Darren Coote will take a larger role at United Fintech; United Fintech’s head of strategic transformation and execution, Elizabeth Missfeld, will become COO of CobaltFX; and Erik Nordahl, Partner and Group CTO at United Fintech, took up responsibility for CobaltFX’s CTO.
On Tuesday, Cobalt, a United Fintech-owned company, announced a rebranding and relaunch of its services as CobaltFX to concentrate its focus solely on the foreign exchange (FX) market.
“CobaltFX’s goal is to reinvent the world of forex through a rock-solid platform focused on credit optimization and post-trade FX. Dynamic credit is the key starting point,” said CobaltFX (formerly Cobalt) founder Andrew Coyne, now part of United Fintech.
United Fintech bought CobaltFX outright last December from its previous owners, which included Citibank, Standard Chartered Bank, S&P Global and the Singapore Exchange. It was the fifth acquisition of Christian Frahm’s venture, which aims to acquire and accelerate fintech startup.
Although CobaltFX operates independently following the acquisition, its clients have been migrated to the United Fintech platform.
“As part of United Fintech, we join four other partner companies, and retain our formal status as a partner company,” Coyne added. “There are many synergies between the partner companies and United Fintech. Not only from a customer and solution perspective, but from a visionary perspective; together we are stronger than ever.”
Coyne also highlighted the importance of the change in ownership as it removed “administrative distractions” and strengthened global distribution, sales and marketing.
New Digital Asset Venture
The strategic business move of CobaltFX will temporarily put the digital asset service of the company outside the product offering. The company will spin off its digital assets division by forming a new venture in Q2, details of which will be provided later.
“We believe both opportunities are huge and should be pursued, but not under the same banner,” said Marc Levin, Group COO of United Fintech, who also took over as CEO of CobaltFX.
“While FX and DA are similar in many ways, and likely to merge in the future, the two industries are currently at very different maturity stages of development, operating largely independently and therefore requiring different approaches to succeed on their own. Hence spin -off of Cobalt’s DA product as part of a larger United Fintech play in this space; we are very excited to announce this later in Q2.”
The latest relaunch as CobaltFX also brought about some major management changes. As part of the move, former Cobalt CEO Darren Coote will take a larger role at United Fintech; United Fintech’s head of strategic transformation and execution, Elizabeth Missfeld, will become COO of CobaltFX; and Erik Nordahl, Partner and Group CTO at United Fintech, took up responsibility for CobaltFX’s CTO.
