(Bloomberg) -- A year-old technology firm wants to simplify currency markets by streamlining the way trading data is stored using blockchain-based technology.

Cobalt DL, a London-based firm created last year by former Traiana Inc. Chief Executive Officer Andy Coyne, announced Wednesday that it began beta testing on a distributed ledger network, which the firm hopes can cut post-trade costs and provide a singular database for foreign-exchange transactions. Set to launch in 2017, the network will create a single record for each trade.

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