For some, this sort of attempt at disrupting the $6 trillion-a-day currency market was only a matter of time. Mayra Rodriguez Valladares, managing principal at capital markets consultancy MRV Associates, says she is “surprised that it has taken the buy-side this long” to challenge the FX market’s status quo.

“There is no reason that with blockchain and other technological innovations, giant asset managers such as Vanguard, [Charles] Schwab, and Fidelity could not participate in foreign exchange markets more significantly without banks as intermediaries,” according to Valladares. With Vanguard alone trading $2.5 trillion worth of currencies annually, it is an opportunity “that would reduce the buy-side’s costs significantly,” she notes.