Financial technology firm Symbiont has secured $20m funding to expand its blockchain platform across global financial markets.
Image: Symbiont has secures $20m to expand blockchain platform. Photo: courtesy of bluebay / FreeDigitalPhotos.net.
Symbiont intends to use the funds to optimize deployments across multiple business verticals such as data management, mortgages, private equity and syndicated loans.
Nasdaq Ventures has led the series B funding, while participants include additional new investors such as Galaxy Digital, Citi, Raptor Group and others.
Symbiont CEO and co-founder Mark Smith said: “Leveraging our financial markets and blockchain technology experience, our anchor partners like Vanguard, Lewis Ranieri, and Nasdaq will benefit from developing new distributed applications on Assembly, our enterprise blockchain and smart contract platform.
“Assembly provides the opportunity for new participants to enter the digital asset market and offers existing participants a superior infrastructure on which to build the future of financial markets.”
Nasdaq is also planning to suggest the use of Symbiont’s Assembly enterprise blockchain and smart contract platform for existing and new clients looking for smart contract and tokenization solutions.
Assembly platform allows financial institutions to sustain the peer-to-peer nature of their transactions with no central authority, while also securing the benefits of a shared database with end-to-end privacy.
The partners and clients of Symbiont are using the platform to develop the next level financial infrastructure to control their data and improve direct relationships with their clients.
Nasdaq Ventures head Gary Offner said: “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.”
Symbiont has developed an advanced platform for institutional applications of blockchain technology.
The smart contracts of Symbiont allow instruments to maintain their complete lifecycle on a decentralized and enterprise blockchain network with end-to-end privacy.
Symbiont collaborated with institutions to develop new business lines, increase transparency, reduce risk, and save costs. Citi, Nasdaq, Ranieri and Vanguard are some of the major institutions partnered with Symbiont.