A London-based startup that uses blockchain technology to cut costs and complexity in the foreign exchange market is using its data to help other financial technology firms to improve the services they offer to banks.

CobaltDL uses distributed ledger technology to create a single record of currency trades, where in the past multiple records have been kept by banks, brokers and clearing houses. By creating a single record, Cobalt says clients are able to reduce reconciliation and operational costs by up to 80%.