4th March 2022 – London
Cobalt, an award-winning provider of FX and Digital Asset post-trade infrastructure announce their partnership with Pure Digital, a leading trading platform for the wholesale digital asset market to bring next-generation credit and post-trade solutions to market.
Cobalt’s solution removes the risk of limit breaches and the need for trades to be pre-funded, allowing net settlement to occur according to market best practice and regulatory standards.
Pure Digital will be a fully automated, high throughput OTC market for digital currencies with physical delivery and bank grade custody.
The partnership will enable institutional participants to hold assets at custodians of choice and to trade on the platform utilising bilateral credit, enabling counterparty control for all trading participants and a significant increase in efficient capital utilisation. This will establish a robust market for price discovery and the exchange of risk. Trading is expected to commence in H2 2022.
Cobalt and Pure Digital are both multi-custodial. Market access providing participants will be free to leverage digital assets and manage risk through a smart routing mechanism.
As a technology partner, Cobalt will work with Pure Digital and the global trading community to deliver critical institutional trade infrastructure for digital assets. Cobalt’s automated platform creates a single version of all Digital Asset trade data onto a ledger and solves for the real-time management of credit and settlement, reducing operational and counterparty risk.
Institutional participants will be able to trade on Pure Digital through existing Prime Bank / Custodial relationships and infrastructure, an area in which Cobalt are market leaders and innovators. The platform will include the industry’s approach to best execution and standardised FIX connectivity to minimise trading and technology costs for participants.