SWIFT and Symbiont announce corporate data blockchain pilot
The message-system processes over five billion transactions a year and seeks to maintain its relevance by integrating disruptive technologies to its business. The Society for Worldwide Interbank Financial Telecommunication (SWIFT) disclosed on Tuesday a partnership with fintech company Symbiont to provide more accurate data for financial firms through blockchain technology. Vanguard, Citigroup, American Century Investments, and Northern Trust are among the companies participating in the initiative.According to the announcement, the pilot project "could help providers distribute data in....
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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....
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....
Blockchain-based firm involved in capital markets Symbiont has issued the first-ever Smart Securities™ based on the Bitcoin blockchain. Symbiont had in early June announced that it is utilizing the Bitcoin blockchain to make the transfer of assets a safer and a quicker process. The firm's live platform enables institutions and investors to issue, manage, trade, clear, settle and transfer a range of financial instruments more efficiently on the decentralized and distributed peer-to-peer financial networks that are cryptographically secured. Smart Securities™ can be used in managing....
As financial institutions look to move beyond proofs-of-concept, the speed at which available blockchain solutions can process transactions is expected to play a deciding factor in adoption. In preparation for that shift, New York startup Symbiont today publicly launched its Assembly blockchain. Previously only hinted at in a demos, the blockchain solution is already being implemented by Symbiont partners including the state of Delaware and Credit Suisse. Coming in at 87,000 transactions per second during a live test on four nodes, the Assembly blockchain (or dedicated distributed ledger,....
Counterparty founders have joined with MathMoney f(x) and its founder Mark Smith as co-founders of the new fintech company Symbiont. Symbiont will focus on fostering the symbiotic relationship between traditional financial markets and cryptographic blockchain technology. "Since we founded Counterparty over a year ago, our focus has consistently been on the creation and positioning of this technology as a solution for structural issues in the larger financial markets," said Robby Dermody, co-founder of Counterparty and now President of Symbiont. "Symbiont is the next step in achieving that....