Blockchain Startup Symbiont Bags $20M in Nasdaq-Led Round
Nasdaq Ventures, Citi Ventures, and others have invested a total of $20 million in blockchain-oriented startup Symbiont.
Blockchain-oriented startup Symbiont has raised $20 million in a Series B funding round led by Nasdaq Ventures. US banking giant Citi took part as well, along with Galaxy Digital and Raptor Group.
As part of the deal, Nasdaq will explore the use of Assembly – Symbiont’s enterprise blockchain and smart contract platform – with customers inclined to implement the technology. Assembly was developed to allow financial companies to keep the decentralized form of their transactions while preserving the benefits of blockchain with end-to-end privacy.
Gary Offner, who leads Nasdaq Ventures, commented:
“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.”
“Our investment will also include the integration of Symbiont's enterprise blockchain and smart contract platform into the Nasdaq Financial Framework,” he added.
Mark Smith, co-founder and CEO of Symbiont, said that Assembly would be used by partners such as Nasdaq, Vanguard, and Lewis Ranieri.
The funding round proves that Wall Street giants retain their confidence in blockchain technology despite the recent crash of the cryptocurrency market. For Nasdaq, this is the largest investment in enterprise distributed ledger technology (DLT), an umbrella term for blockchain.
With the Series B round, the total amount of funds raised by New York-based Symbiont comes at $36 million. Previously, the company secured investments from Fenbushi Capital and Medici Ventures, the blockchain investment arm of Overstock.com.
Symbiont plans to use the capital to expand its business in sectors like data management, private equity, mortgages, and syndicated loans. Smith told Forbes that his company would use the money to hire new blockchain engineers and move to another office to accommodate its rapidly expanding operation.