Blockchain-based FX post-trade processing network Cobalt DL announced that it has secured Citi as an investor and that the financial firm has become one of the launch clients for their Cobalt FX post-trade solution.

Cobalt DL also announced that Charlotte Crosswell, former Nasdaq NLX CEO, has joined its team as a strategic advisor with a particular focus on strategic partnerships.

“We have set out to radically improve the FX post-trade landscape by removing inefficiencies, duplicative legacy infrastructure and processes, as well as reducing significant costs and risks. As we stand at a point of change for the FX post-trade landscape, we are delighted to welcome Citi as one of our investors and as an active market participant when we go live,” Andy Coyne, co-founder of Cobalt DL said. “We are thrilled that Charlotte Crosswell has joined the Cobalt DL team as our strategic advisor. Given her industry experience and insight, we believe she will be instrumental in forging the right partnerships for the future.”

The FX post-trade network has commenced beta testing with a number of leading FX participants on its private peer-to-peer network that uses blockchain technology in order to significantly reduce risk and cut post-trade costs. The company’s FX solution will launch in 2017 with 15 already committed institutional FX participants.

Joining the company as a strategic advisor, Charlotte Crosswell said, “I am delighted to be joining Cobalt DL at such an exciting time for the company and the industry. With continued scrutiny on efficiencies within the FX post-trade arena, I believe Cobalt DL is extremely well positioned to drive the changes we expect to see in this industry and deliver in real cost savings for market participants.”

Cobalt DL’s technology will integrate seamlessly with all trading sources and venues, providing immediate efficiency benefits. Coyne stated that collaborating with Charlotte Crosswell and Citi will help the company achieve its aim of transforming the FX post-trade landscape to the benefit of all market participants.