Advertisement

Blockchain start-up, Symbiont, has raised $20 million from Citgroup Inc., Nasdaq Inc, and several other firms.

// STAY UP TO DATE – FOLLOW BLOCKCHAIN DAILY ON TWITTER: @BLCKCHAINDAILY

The New York-based company, Symbiont.io, applies blockchain technology to capital markets, and has developed its own blockchain, called Assembly, allowing financial institutions to utilize to share and verify data.

Advertisement

Nasdaq Ventures, a subsidiary of the exchange operator concentrated on financial technology, is the main investor in Symbiont’s series B funding round, according to the company.

Mike Novogratz’s Galaxy Digital Holdings Ltd. and Raptor Group Holdings, an investment company backed by Jim Pallotta’s family office, were also among the companies involved.

“We are entering a much more realistic phase where people look at this technology and think seriously about where it makes sense to apply it and where it doesn’t,” Symbiont Chief Executive Officer Mark Smith said in an interview.

“We are leaving the peak of the hype cycle and entering the trough of disillusionment, especially for people who inappropriately applied this technology hoping it would become a panacea for solving all their problems.”

The company utilizes smart contracts to help increase settlement times for syndicated loans and enhance efficiency in the mortgage bond market.

The company has partnered with Vanguard Group Inc., to utilize blockchain in updating the index data behind mutual funds.

Symbiont will use the newly raised cash to fund work on data management, mortgages, private equity and syndicated loans, according to the statement.

Nasdaq will explore additional opportunities to use Symbiont’s Assembly platform with existing and new clients that are seeking to use smart contracts or to tokenize assets, a process that involves transforming real-world assets into digital contracts.

// CLICK HERE FOR MORE BLOCKCHAIN NEWS

Advertisement

Leave a Reply