Symbiont (company)

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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 is a blockchain technology company based in New York City, developing products in smart contracts and distributed ledgers for use in capital markets.[3][4] The Symbiont blockchain platform, Assembly, is designed to securely distributes data across a network of computers owned and controlled by different financial institutions.[2] Symbiont's partnership with The Vanguard Group has yielded the first production integration of blockchain technology by a major financial institution into one of their core systems.[2] Three of the founders of Symbiont are also founders of Counterparty.[5] Symbiont has 75 employees as of June 2019.[2] Founder Mark Smith is the CEO.[6]

Notable early investors in Symbiont 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,[8] following a US$ 20 million Series B round led by Nasdaq Ventures and followed by Citigroup, Mike Novogratz’s Galaxy Digital Holdings Ltd. and Raptor Group Holdings, which is backed by James Pallotta.[6]

Products and customers[edit]

Symbiont’s blockchain products can manage the entire life cycle of a variety of financial instruments, including mortgages, private equity, syndicated loans and market data;[2] as of 2016, Symbiont is working with the State of Delaware on its Delaware Blockchain Initiative.[9]

In 2016, Symbiont embarked upon a pilot programme to apply blockchain technology to the US$ 4.7 trillion global syndicated loan market.[10][11]

In December of 2017, Vanguard announced a pilot programme with Symbiont to build a product for managing market index data on its blockchain platform.[12] Vanguard is currently using Symbiont blockchain technology in production to help manage US$ 1.4 trillion dollars of index funds, for some of its largest and most widely used financial products, in "one of the most noteworthy implementations of blockchain technology for a financial institution to date". 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. For Vanguard's funds that use CRSP data, held in millions of customer accounts, this blockchain system has completely replaced the manual data distribution that preceded it.[2]

References[edit]

  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. ^ Allison, Ian (2016-03-03). "Blockchain in capital markets: Symbiont lists opportunities for smart contracts". International Business Times. Retrieved 2016-06-01.
  6. ^ a b Marsh, Alastair (2019-01-23). "Nasdaq, Citi Join Novogratz in Funding Blockchain Firm Symbiont". Bloomberg. Retrieved 2019-06-28.
  7. ^ Bullock, Nicole (2015-06-09). "Ex-NYSE head among trading veterans backing blockchain start-up". Financial Times. Retrieved 2016-06-01.
  8. ^ Olya, Gabrielle (2019-06-20). ""How This Blockchain Entrepreneur Landed Partnerships With Citi, Nasdaq and More"". "Yahoo! Finance". Retrieved 2019-06-28.
  9. ^ Vigna, Paul (2016-05-01). "Delaware Considers Using Blockchain Technology". The Wall Street Journal. Retrieved 2016-06-01.
  10. ^ del Castillo, Michael (2016-03-03). "Blackstone and Goldman Sachs subsidiary launches unnamed blockchain venture". New York Business Journal. Retrieved 2016-06-01.
  11. ^ Allison, Ian (2016-09-27). "Symbiont, Credit Suisse and R3 come together for syndicated loans proof of concept". International Business Times. Retrieved 2016-09-27.
  12. ^ Eha, Brian Patrick (2017-12-12). "Vanguard leapfrogs cautious banks, unveils blockchain network plan". American Banker. Retrieved 2017-12-14.

External links[edit]