Real-time data and event-driven architecture provider Solace has announced that foreign exchange settlement start-up Cobalt has adopted its PubSub+ platform to power the next generation of its own trading platform.
The move is significant, as the FinTech’s clients include the likes of Citi, Deutsche Bank, and Standard Chartered, for whom it deploys distributed ledgers to provide critical risk and data services, while speeding up settlement processes.
Via Solace, Cobalt will be adding a new range of services that are designed to accommodate financial institutions’ need to satisfy demand for cryptocurrency and digital asset trading, said the company.
The Cobalt platform already provides pre-trade credit checks for over 50 crypto exchanges and market makers.
According to Solace, the cloud services company has provided Cobalt with “the same data infrastructure used by some of the world’s largest financial institutions”, including the London Stock Exchange, Standard Chartered Bank, Barclays, TAB Bank, and Credit Agricole.
Cobalt is using an ‘event mesh’ to migrate between on-premises and cloud-based systems.
Cobalt CEO Darren Coote said, “Across new trading domains, we needed a reliable tech partner to help us build out super-fast and solid modern infrastructures.”
Solace CEO Denis King added, “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.”
In related news, as the announcement was made this week, the Central American republic of El Salvador approved one cryptocurrency, Bitcoin, for use as legal tender – the first country in the world to oblige companies and authorities to accept payment in the digital token, if offered, alongside the US dollar.
The aim is to speed up money transfers between migrant workers and their families at home in the republic, demonstrating that tentative moves are now afoot to accept Bitcoin more readily in the world of traditional finance.