The former chief executive of Traiana, a trade processing business owned by Icap, plans to launch a new blockchain-powered post-trade service in 2017 – a move that could pitch him into competition with his old employers.

Cobalt DL, led by Andy Coyne, will unveil its blockchain platform for the foreign exchange markets after a year of design and testing. The startup has secured the backing of technology company First Derivatives, according to a statement on August 16.