Symbiont.io Inc Gets 20 Million Dollars Funding from Nasdaq and Citigroup, Among Others

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As per the reports from Bloomberg, on 23rd Jan, Symbiont.io Inc has received 20 million dollars in funding from Nasdaq and Citigroup. Other investing firms included Mike Novogratz’s ‘crypto focused merchant bank’- Galaxy Digital Holdings. The reports reveal that Symbiont aims to make use of this funding to focus on departments such as private equity, mortgages, data management and syndicated loans.

This blockchain technology and smart contract based platform aim to focus on the capital markets. This assembly seeks to empower and support the financial institutions by allowing them to share and cross-check the data. It also makes use of the smart contract to speed up the settlement period for the syndicated loans. Another key feature of this assembly is its ability to help in sorting the mortgage bond market.

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Bloomberg’s report further revealed that Nasdaq would look into any new chances for using the Assembly with customers who are interested in using the smart contracts and wish to convert their assets into tokens. In the interview with Bloomberg, the CEO of Symbiont- Mark Smith said the following-

“We are entering a much more realistic phase where people look at this technology and think seriously about where it makes sense to apply it and where it does not. We are leaving the peak of the hype cycle and entering the trough of disillusionment, especially for people who inappropriately applied this technology hoping it would become a panacea for solving all their problems.”

Last year, in November there were reports of companies not preferring to use the term ‘Blockchain’ due to the overhype the term has got. Instead ‘Distributed Ledger Technology,’ i.e., DLT was preferred. On the other hand, the MIT Technology review stated that over the hype will get calmer and will be rather become normal. MIT Technology further stated that several highly potential innovative projects are at verge to give out great results in this new- year. Based on the possibility of several big scale companies intending to launch several blockchain technology-based projects, this year, MIT Technology said that this “year that blockchain technology finally becomes normal.”

On the contrary to the faith the major giants (Nasdaq and Citigroup) show in the potential of the blockchain technology, there were rounds of reports of Wall Street postponing its crypto plans. The firm’s progress has been way too slow that could only attract 20 clients by far.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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