A new blockchain venture for the foreign exchange markets, Cobalt DL, which is led by former Traiana chief executive Andy Coyne, has secured Citi as an investor and named a former Nasdaq executive to its board.

Cobalt DL, which is a blockchain-powered post-trade processing network for currency trades, said in a December 15 statement that Citi will be one of the launch clients when it goes live with its private peer-to-peer network.