Blockchain startup Symbiont closes USD 20 million funding round

Thursday 24 January 2019 10:35 CET | News

Symbiont, an enterprise blockchain startup, has closed a USD 20 million Series-B funding round led by Nasdaq Ventures.

Galaxy Digital, Citi, Raptor Group and others have also took part in the funding round. The startup previously raised a combined USD 15.4 million from a seed round in 2014 and Series A in 2017. As part of the investment, Nasdaq Financial Framework, a software company owned by the exchange, will integrate Symbiont’s Assembly smart contracts platform to explore new avenues involving tokenization.

Symbiont is focusing on building capital markets infrastructure using a proprietary blockchain and smart contracts architecture. With this announcement, the company will start working with Nasdaq’s software arm, which sells tech to other exchanges, clearing houses and central securities depositories in about 50 countries.

So far, the startup proved its capabilities in a handful of carefully selected use cases and partners, such as index data management with investment giant Vanguard; making the mortgage market transparent and more efficient with Wall Street legend Lewis Ranieri; and optimizing the syndicated loans market with Ipreo’s Synaps platform, according to CoinDesk.

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Keywords: Symbiont, blockchain, funding, financial markets, NASDAQ, smart contracts, exchanges, clearing houses
Countries: World