Symbiont, blockchain firm has received a boost to its project on the application of blockchain to the capital market via the contribution of Nasdaq and Citi to the project.
Wall Street Enthusiasm For Blockchain Technology
Symbiont a new york based blockchain firm has raised 20 million dollars for its project and has top wall street investors in its project such Nasdaq and Citi. The Chief Executive Officer of Symbiont Mark Smith noted that the support of the wall street investors in the firm’s project showcase the enthusiasm of the wall street to the technology behind Bitcoin despite the condition of the crypto market. Also, he noted that the pragmatism about the technology and the limitations and potential application had not deterred this.
Further, Mark stated that the world is entering a more realistic phase where people look at the technology and think seriously about where it makes sense to apply it and where it does not. Also, he noted that the world is also leaving the peak of the hype cycle and entering the trough of disillusionment, especially for people who inappropriately apply this technology hoping it would become a panacea for solving all their problems.
Symbiont Investors And Its Smart Application
The lead investor of the Symbiont blockchain project is Nasdaq venture, an initiator of the exchange operator focused on investing in financial technology. Other investors include Citi, Mike Novogratz’s Galaxy Digital Holdings Ltd, Raptor Group Holdings, an investment company backed by Jim Pallotta’s family office.
Blockchain technology since its inception has seen an application in many facets of the society and industries. The technology which is a shared ledger used to record and validate transactions was first applied to the maiden Cryptocurrency, Bitcoin.
Since its first application to Bitcoin, it has become very beneficial to many facets of human society although its detractors still view it has having failed to live up to its expectations.
Regardless of the view of pessimists, Symbiont project indicates another vital benefit that is derivable from the technology. Symbiont has created its blockchain and smart contract platform known as an assembly. This enables financial institutions to share and verify data. The firm has partnered Vanguard Group Inc. to apply its blockchain to how the firm updates the index data behind mutual funds.
The newly raised fund is targeted at working on data management, mortgages, private equity, and syndicated loans. Also, Nasdaq seeks to explore the blockchain platform of Symbiont more thorough application.