Why Symbiont Believes Blockchain Securities Are Wall Street's Future
Spurred by private conferences and high-profile investments from leading Wall Street firms, interest in blockchain applications in the capital markets has become a driving trend in 2015. This year has already seen US stock market giant Nasdaq and online retailer Overstock announce or launch products aimed at bringing the efficiencies of the blockchain to certain sectors of the market, most prominently private equities. Among these two household names, however, is another, newer entrant: New York-based Symbiont. Though it lacks the name recognition, Symbiont is building its own buzz, having....
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Blockchain technology has garnered a lot of attention in the financial world, as the decentralized public ledger could transform the way the industry keeps records or handles transactions. Several banks all over the world are trying to explore the applications of blockchain technology in their internal operations while some forward-looking companies such as Overstock have experimented with the bitcoin-related technology in securities clearing. For blockchain-based private security company Symbiont, blockchain technology could spell the future of Wall Street through 'smart securities' or....
In 2015 Bitcoin Magazine covered the launch of the fintech company Symbiont, focused on fostering a symbiotic relationship between traditional financial markets and cryptographic blockchain technology. The company raised $1.25 million of seed funding from influential financial market leaders, then in January it closed a $7 million funding round. In May, Bitcoin Magazine reported that Symbiont is working with Delaware, the state that incorporates most companies, to explore the use of blockchain technology to make its paperwork cheaper and more efficient. Now, Symbiont has announced that it....
Symbiont is a leading blockchain based smart contract solutions provider for the FinTech industry. The company's platform is built upon Bitcoin Blockchain due to its secure and stable nature. Bitcoin started off as an alternative to regular fiat currency. But over time, the underlying Blockchain technology has gained more prominence. While Bitcoin as a digital currency offers a viable alternative to fiat currency, Blockchain technology is on its way to change the whole FinTech industry. Symbiont is one such company that is leveraging upon the power of Bitcoin and Blockchain technology to....
According to multiple sources close to Symbiont, the smart securities trading platform has closed a $7 million funding round, valuing the company at $70 million. In an email to Bitcoin Magazine , co-founder Evan Wagner declined to comment but said that the company will be making a formal announcement in the future. Symbiont, which found its genesis from the Counterparty project, was founded by former members of Medici, which is now known publicly as t0, an Overstock.com (NASDAQ: OSTK) company. According to the company’s website, “Symbiont is building the first issuance and trading platform....
Wall Street has been embracing the latest wave of Silicon Valley financial tech at a fast rate. Over the past several months, many Wall Street Financial companies have embraced the new wave fintech enterprises with remarkable speed. The blockchain an online ledger that tracks the movement of digital currency, but it can also be used to manage, register and secure anything else that has value. Wall Street companies seem to have seen the true potential of the blockchain technology and many are now rushing to invest and develop new applications with this new technology. Jamie Dimon, JP Morgan....