Cobalt announces plan to rebrand and relaunch its services as CobaltFX
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Cobalt, a company owned by United Fintech, has announced plans to rebrand and relaunch its services to CobaltFX. The firm is trying to focus solely on the foreign exchange market.
Cobalt rebrands to CobaltFX
The founder of the rebranded CobaltFX is Andrew Coyne. He noted that the goal behind the name change and relaunching of its services was to ensure the platform re-engineered its services in the foreign exchange sector.
“CobaltFX’s goal is to re-engineer the World of Foreign Exchange through a rock-solid platform focusing on credit optimization and post-trade FX. Dynamic Credit is the most important starting point,” Coyne said.
United Fintech was acquired by CobaltFX in December last year. The company was acquired from its previous owners, including Citibank, S&P Global, Singapore Exchange, and Standard Chartered Bank.
This has marked the fifth acquisition that has been done by Christian Frahm venture seeking to acquire and accelerate the growth of fintech startups. CobaltFX has operated as an independent entity since the acquisition. However, its clients have moved to the United Fintech platform.
Coyne noted that CobaltFX was now part of United Fintech, adding that the company was joining four other partner companies. The executive said it would retail its formal status as a partner firm, noting a synergy between United Fintech and the partner companies.
Coyne added that the platform provided solutions from the perspective of both the client and the solution. Moreover, the company was committed to achieving its vision, which made it stronger than ever.
The executive pointed to the need to change ownership, noting that it streamlined sectors such as administration. Moreover, the offering strengthened global sales, marketing, and distribution strategies.
Changes in the digital asset sector
The business decision made by CobaltFX will temporarily place the company’s digital asset service on hold. The offering will no longer be part of the firm’s offerings. Instead, the company will launch a digital asset arm in the second quarter.
The CEO of CobaltFX, Marc Levin, noted that the FX and digital asset spaces had immense opportunities and needed to be pursued. However, he noted that the two industries were at different maturity stages and needed different approaches for each division to succeed. Hence the spinoff is slated for Q2 this year.
The relaunch of CobaltFX also came with changes in the management. The former Managing Director at Cobalt, Darren Coote, will be given a position at United Fintech. On the other hand, the Head of Strategic Transformation and Execution at United Fintech, Elizabeth Missfeld, will be the COO of CobaltFX.
The other significant change is that of Erik Nordahl, a partner and the Group CTO at United Fintech. Nordahl has taken over the role of CTO at the company. These changes in management positions aim to ease operations between the two companies and ensure that any implemented changes succeed.
