Traditional exchanges are racing to capitalize on the technology that was once considered a threat to their industries. Nasdaq and Citigroup are the leading companies that are investing $20 million into Symbiont.io Inc, a New York Company that’s applying blockchain technology to capital markets, according to a recent press release. The investment also includes Galaxy Digital, a diversified merchant bank dedicated to digital assets and blockchain technology, and Raptor Group Holdings, a private investment company.
Symbiont – A Smart Contract Platform With Smart Securities Tech
Symbiont is a smart contracts platform for institutional applications of blockchain technology. Their ‘Smart Securities’ technology allows for “complex financial instruments to live out their entire lifecycle on a decentralised network with a single source of truth”.
Co-founder and CEO, Mark Smith said: “We see this huge opportunity to be able to go all over the globe with Nasdaq, and use this marketplace solution from origination to finality, including ways you can buy and transact new types of instruments backed by our smart-contract technology”.
Symbiont will use this funding to accelerate deployments across the narrow markets, including data management, mortgages and syndicated loans, whose specific needs make them likely to want what Symbiont are offering.
Nasdaq explores Options Using Symbiont Smart Contract Platform
Nasdaq will explore options with Symbiont’s blockchain and smart contract platform, ‘Assembly’ with both existing and new clients who seek smart contract solutions.
“We are committed to discovering and investing in innovative technologies to help build our future market infrastructure used by more than 100 marketplaces around the world,” said Gary Offner, Head of Nasdaq Ventures. “Our investment will also include the integration of Symbiont’s enterprise blockchain and smart contract platform into the Nasdaq Financial Framework. We are pleased to support this important, growing area for creating unique institutional applications of blockchain technology”.
Greg Wasserman, Co-Head of Principal Investing at Galaxy Digital, said: “Symbiont’s technology and platform are purpose built for a wide range of applications within and outside the financial services industry. We are excited to support Symbiont’s next stage of growth”.