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8 major financial institutions began beta testing of blockchain technology

A venture backed by eight major financial institutions has begun beta testing a peer-to-peer network that aims to use blockchain distributed ledger technology to slash billions off the cost of processing foreign exchange transactions. Fronted by ex-Citi (NYSE:C) and Deutsche Bank (NYSE:DB) currencies supremo Andy Coyne, Cobalt DL’s initiative is the latest to move forward with serious real world use of what promises to simplify banks’ unwieldy computer infrastructure.