Open main menu

Symbiont (company)

Symbiont is a blockchain technology company based in New York City, New York. Symbiont develop and sells financial products including smart contracts and distributed ledgers for capital markets.[3][4] The Symbiont blockchain platform, Assembly, is designed to securely distribute data across a network of computers owned and controlled by different financial institutions.[2]

Symbiont.io, Inc.
Delaware Corporation
IndustryBlockchain technology
Founded2015
FounderMark Smith, Adam Krellenstein, Evan Wagner, Robby Dermody
Headquarters,
BrandsSmart Security, Smart Securities[1], Assembly[2]
Websitesymbiont.io

Symbiont was founded in 2014 by Mark Smith (CEO), Adam Krellenstein, Evan Wagner and Robby Dermody.[5][6] Symbiont has 75 employees as of June 2019.[2]

FundingEdit

Symbiont early investors include Duncan Niederauer, former CEO of the New York Stock Exchange, and former co-head of Citadel Matt Andresen.[7]

Symbiont has raised US$ 35.4 million in total funding.[citation needed]

In January of 2019, Nasdaq Ventures led a US$ 20 million Series B round. Citigroup, Mike Novogratz’s crypto-focus merchant bank, Galaxy Digital Holdings Ltd. and Raptor Group Holdings also participated in the round.[5]

In May of 2019, Symbiont partner with The Vanguard Group for first production integration of blockchain technology by a major financial institution into one of their core systems.[2]

Products and customersEdit

Symbiont’s blockchain products manage the life cycle of financial instruments including mortgages, private equity, syndicated loans and market data.[2] In December of 2017, Vanguard announced a pilot program with Symbiont to build a product for managing index data on its blockchain platform.[8] Vanguard now uses Symbiont blockchain technology in production to manage US$ 1.4 trillion dollars of index funds in a noteworthy implementation of blockchain technology for institutional finance. In this deployment, Symbiont's technology eliminates manual reconciliation between Vanguard and the Center for Research in Security Prices (CRSP), who publishes data to the blockchain network.[2] Symbiont's technology also powers a venture by Vanguard aiming a making peer-to-peer trading between asset managers in the foreign exchange market possible for the first time.[9]

ReferencesEdit

  1. ^ Allison, Ian (2015-09-28). "Smart securities issuer Symbiont fires shots in the private blockchain arms race". International Business Times. Retrieved 2016-06-01.
  2. ^ a b c d e f Kauflin, Jeff (2019-05-30). ""Vanguard Is Now Using Blockchain Technology To Help Manage $1.3 Trillion In Index Funds"". Forbes. Retrieved 2019-06-28.
  3. ^ Chavez-Dreyfuss, Gertrude (2015-06-10). "U.S. tech company raises $1.25 mln from ex-NYSE Euronext CEO, ex-Citadel trader". Reuters. Retrieved 2016-06-01.
  4. ^ Leising, Matthew (2015-06-09). "Some Financial Heavyweights Just Invested in a Trading Platform Linked to Bitcoin". Bloomberg. Retrieved 2016-06-01.
  5. ^ a b Marsh, Alastair (2019-01-23). "Nasdaq, Citi Join Novogratz in Funding Blockchain Firm Symbiont". Bloomberg. Retrieved 2019-06-28.
  6. ^ "Blockchain Startup Symbiont Raises $20 Million to Take Aim at a Cause of the Financial Crisis". Fortune. Retrieved 2019-11-14.
  7. ^ Bullock, Nicole (2015-06-09). "Ex-NYSE head among trading veterans backing blockchain start-up". Financial Times. Retrieved 2016-06-01.
  8. ^ Eha, Brian Patrick (2017-12-12). "Vanguard leapfrogs cautious banks, unveils blockchain network plan". American Banker. Retrieved 2017-12-14.
  9. ^ Marsh, Alastair (2019-10-03). "Vanguard to Challenge Banks' Grip on $6 Trillion Currency Market". Bloomberg. Retrieved 2019-10-24.

External linksEdit