Nasdaq, Citi, Novogratz in co-financing of Blockchain company - Symbiont

23.01.2019 / 22:25

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Nasdaq and Citigroup are among the companies that invest $ 20 million in Symboint, a New York-based company that works for the direct application of blockchain technology on capital markets.

Their support only demonstrates the enthusiasm that boils Wall Street on the technology behind Bitcoin. Enthusiasm that looks like it can not be knocked down as the price of Bitcoin. A mood that boils in spite of the pragmatic limitations of technology and the issues that arise for potential applications.

Nasdaq Ventures, an initiative launched to invest in financial technology, is the leading investor in Symboint. Other investors such as Galaxy Digital of Mike Novogratz and Raptor Group Holdings took part.

"We are entering a slightly more realistic stage where people start to look seriously at this technology and look for meaning in it, where to apply and where not." - says Mark Smith, CEO of Symboint. "We are leaving the hysterical peak and the moments of disappointment, especially caused by people who wrongly applied the technology in the hope of finding a panacea to solve all their problems." - adds Smith.

Symboint has developed its own blockchain and smart contracts with an application in their Assembly Platform where financial institutions can use and compare financial data and information. Using smart contract - pre-programmed protocols to determine how a complex financial instrument will behave in a variety of scenarios - blockchain technology helps to speed up settlement times for syndicated loans and improve the efficiency of the mortgage-backed bond market.

The company is now partnered with the Vanguard Group and the blockchain technology is being implemented to change the way the investment giant updates the index and mutual fund data behind it.

Source: Bloomberg Finance L.P.

Graphs: Used with permission of Bloomberg Finance L.P.

Photo: Pixabay

Trader Martin Nikolov

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Nasdaq, Citi, Novogratz in co-financing of Blockchain company - Symbiont

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