Solace, the pioneers of real-time data movement, today announced that innovative FX and digital asset infrastructure provider, Cobalt, is using Solace PubSub+ Platform to power the next generation of their trading platform.
Cobalt, a London-based fintech, provides solutions for financial services giants such as Citi, Deutsche Bank, and Standard Chartered. The UK fintech was created to reduce inefficiencies in post-trade foreign exchange settlement and provides critical risk and data services to the FX market’s leading participants. Its cutting-edge distributed ledger technology creates a single, verifiable version of each trade – reducing risk and operational costs while achieving faster settlement.
A customer of Solace since its inception, Cobalt initially opted to use Solace due to its market-leading event streaming and management capabilities. Over the past four years, Solace’s reliability gave Cobalt the confidence to build on its platform and add new services to accommodate financial institutions’ need to satisfy the burgeoning demand for cryptocurrency and digital asset trading.
Darren Coote, CEO at Cobalt, commented: “Working with Solace has been overwhelmingly positive for the team at Cobalt. Our blue-chip customers demand we develop cutting-edge trading solutions. Across new trading domains, we needed a reliable tech partner to help us build out super-fast and solid modern infrastructures. Doing this with Solace allows our engineering team to focus their valuable time and energy on innovation which keeps Cobalt ahead of the game.”
Solace has provided Cobalt with the same data infrastructure used by some of the largest financial institutions on the planet, including the London Stock Exchange, Standard Chartered Bank, Barclays, TAB Bank, and Credit Agricole – allowing the start-up to benefit from world-class data movement.
Cobalt used a Solace-enabled event mesh to seamlessly migrate between its on-premises and cloud based systems. The event mesh allowed Cobalt to focus on building business value while Solace’s managed cloud took care of operational engineering, placing no extra burden on Cobalt’s hard-working engineering team.
Already, the Cobalt platform provides pre-trade credit checks for over 50 crypto exchanges and market makers. As this expands, using Solace will allow them to meet these headline-grabbing market needs.
Denis King, CEO at Solace, commented: “Companies like Cobalt live and die on the robustness, speed, and reliability of their trade execution and due diligence processes. These requirements are a perfect match for our event-driven architecture platform. In the vast fintech landscape, success often depends on data movement security and speed – and event-driven architecture serves as the backbone to make this happen. We look forward to continuing to support Cobalt in their quest to innovate and improve customer experiences.”