New York-based blockchain startup Symbiont has successfully closed a $20 million Series B funding round led by Nasdaq Ventures. The company will use the funding to accelerate its growth in the blockchain market and help financial services organizations. The funding also included other high-profile investors like Galaxy Digital, Citi, Raptor Group, and others.
Founded in 2015, Symbiont is a leading smart contracts platform for institutional applications of blockchain technology. It offers an enterprise-grade blockchain platform called Symbiont Assembly that is used to develop networks allowing multiple, independent users to share data and logic in real time. The blockchain firm built the solution specially to meet the standards of institutional finance in security, reliability and performance.
“We are committed to discovering and investing in innovative technologies to help build our future market infrastructure used by more than 100 marketplaces around the world,” said Gary Offner, Head of Nasdaq Ventures.
“Our investment will also include the integration of Symbiont’s enterprise blockchain and smart contract platform into the Nasdaq Financial Framework. We are pleased to support this important, growing area for creating unique institutional applications of blockchain technology.”
With the $20 million funding, Symbian is going to speed up deployments in its several business verticals, including Private Equity, Data Management, Mortgages, and Syndicated Loans.
Further, the company will use the funding to explore new opportunities to make the most of its Assembly platform. The platform already allows financial organizations to maintain a peer-to-peer nature of transactions without the need of a central authority. The organizations can gain the advantages of shared database with end-to-end privacy.
“Closing this round of funding enables us to accelerate investments in our platform and team,” said Symbiont CEO and Co-founder Mark Smith.
“Leveraging our financial markets and blockchain technology experience, our anchor partners like Vanguard, Lewis Ranieri, and Nasdaq will benefit from developing new distributed applications on Assembly, our enterprise blockchain and smart contract platform. Assembly provides the opportunity for new participants to enter the digital asset market and offers existing participants a superior infrastructure on which to build the future of financial markets.”