In 2015, Mark Smith started Symbiont by joining Adam Krellenstein, Evan Wagner, and Robby Dermody providing a blockchain platform for financial institutions. The compny last week announced that they have raised $20 Million in Series B funding led by Nasdaq Ventures which was participated by investors such as Galaxy Digital, Citi, and Raptor Group.
With such an extensive funding, Symbiont is planning to progress its technology to development phase and further into the deployment stage. The company is creating a permission based block chain network for the financial purpose. However the difference between bitcoin and Symbionts network is that it would need its users permission for a new party entry.
Symbiont has already partnered with Ranieri Solutions, a fintech investment firm which tracks mortgages from origination to final destination. Symbiont is also partnering with Vanguard on a system to track index constituents. Such big partnerships in the financial domain has been the major factor driving big investors to invest funds in the company.
In 2017, Symbiont also announced a partnership with the state of Delaware to help them place all Delaware’s Public Archives on a blockchain. The company is very much focused to drive financial instruments and information by means of blockchain system.
Symbiont Co-founder & CEO, Mark Smith Said, “We see this as a huge opportunity to be able to go all over the globe with Nasdaq.” He further added that the company will use this marketplace solution from origination to finality, including new types of instruments backed by our smart-contract technology.