Post-trade foreign exchange (FX) service provider Cobalt has rebranded as CobaltFX after its acquisition by United Fintech in December 2022.
Following the rebrand, Elizabeth Missfeld will serve as chief operating officer and Erik Nordahl as chief technology officer. CobaltFX founder Andrew Coyne (pictured right) is joining United Fintech to continue the development of CobaltFX’s FX product.
Darren Coote, current CEO, will work in the broader United Fintech team with other partner companies, with Marc Levin (pictured left) taking on the CEO position alongside his group chief operating officer role at United Fintech.
Following the rebrand, the company will focus exclusively on foreign exchange. Its current digital asset division will be removed from the central product, however United Fintech is expected to announce details of a digital asset product in Q2.
By joining United Fintech’s global capital markets platform, CobaltFX is able to access a global sales, distribution and marketing network and prioritise product development and innovation with the removal of time-consuming administrative duties, it says.
Levin comments: “While FX and digital assets are similar in many ways, and likely to merge in the future, the two industries are currently at very different maturity stages of their evolution, largely operating independently and therefore requiring different approaches to be successful on their own. Hence the spin-off of Cobalt’s DA product as part of a bigger United Fintech play in this area.”
Expanding on the partnership, Coyne says: “United Fintech has a unique model that does not seek to absorb the partner companies, but rather exploit all the product synergies for clients making it easier for banks and financial institutions to adopt multiple products through a single platform, allowing clients to adopt and select solutions, contracting with United Fintech directly.
“If you’re a client of one of the products, you can more seamlessly licence and implement other products, reducing procurement processes and onboarding.”
