Nasdaq Backed Blockchain Project Raises $20 Million in Series B Funding
Nasdaq Ventures has led a series B round of funding for the market-leading smart contracts platform of Symbiont. Other firms that participated in the funding include additional new investors such as Galaxy Digital, Citi, Raptor Group, and others.
The funding will further the goals of the blockchain project to create a smart contracts platform for institutional applications. Symbiont’s smart securities technology allows for complex financial instruments to live their entire life cycle on a decentralized, enterprise blockchain network with end-to-end privacy.
Symbiont CEO and Co-founder Mark Smith, explained how the funding will be utilized as well as how their revolutionary platform will operate.
Closing this round of funding enables us to accelerate investments in our platform and team.
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.
The funding will also be used by Symbiont to accelerate deployments across various business verticals such as data management, mortgages, private equity and syndicated loans.
Nasdaq to Use ‘Assembly’ by Symbiont
Nasdaq will also explore new business opportunities where Symbiont’s enterprise blockchain and smart contract platform known as Assembly, can be utilized.
Gary Offner, Head of Nasdaq Ventures, further explained that the platform will be integrated into the firm’s financial framework.
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.
About Nasdaq Ventures
Nasdaq Venturess is a global venture investing program with a focus on cultivating talent and technology within financial services. Investments provided by Nasdaq Ventures range from $1 Million to $10 Million. The participation of Nasdaq Ventures also ranges from seed to series C funding for projects with a strategic connection to the firm’s 5 key business lines: Listings, Data & Index, Market Infrastructure Technology, Corporate Solutions Technology and the Operation of Capital Markets.
What are your thoughts on Nasdaq Ventures helping raise $20 Million for a blockchain project? Is this a sign that Wall Street is more interested in the blockchain than cryptocurrencies? Please let us know in the comment section below.
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