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Cobalt relaunches as CobaltFX, digital asset division spin off planned for Q2

Digital asset venture in Q2 With CobaltFX solely interested in the forex industry, the company’s digital asset (DA) division falls outside the product…

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CobaltFX

Digital asset venture in Q2

With CobaltFX solely interested in the forex industry, the company’s digital asset (DA) division falls outside the product offering. However, CobaltFX’s ascending CEO Marc Levin highlighted  that the growing digital asset space makes the new venture “the next thing banks will want.”

Levin, said:

Marc Levin, CobaltFX

Marc Levin

We believe both opportunities are huge and should be pursued, but not under the same banner. 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 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; we’re very excited to announce this later in Q2. Until then, I’m very pleased I get to join this adventure with Andy Coyne and Darren Coote.

Levin will continue in his current role as Group COO in United Fintech where he has been since its launch in 2020. As part of Cobalt’s relaunch, Darren Coote will take on a bigger role in United Fintech, where he will work with other partner companies. Elizabeth Missfeld will step in as COO and Erik Nordahl as CTO.

Andrew Coyne concluded:

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. Thus if you’re a client of one of the products, you can more seamlessly license and implement other products, significantly reducing procurement processes and onboarding.

The post Cobalt relaunches as CobaltFX, digital asset division spin off planned for Q2 appeared first on LeapRate.

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