Symbiont.io Inc., the blockchain and smart contract developer, has completed a $20 million funding round. Bloomberg reports Nasdaq Inc., Citigroup Inc. were among the big investors that have put faith behind this startup.
A good reason these large financial firms have faith in Symbiont is the work they already have to show. Assembly is a blockchain and smart contract platform that Symbiont has already developed. This technology will help the mortgage bond market to have faster settlement times for syndicated loans.
Symbiont’s plans for the new money is to work on better data management, mortgages, private equity and syndicated loans. In other words, all things that a big bank and venture firm can get excited about.
Also joining the fundraising round were Mike Novogratz’s Galaxy Digital Holdings Ltd. and Raptor Group Holdings. Novogratz last made news investing more into his own company, and making big projections for cryptocurrency in 2019.
Mark Smith, CEO of Symbiont, said of the investment in an interview:
“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 doesn’t. 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.”
The investment from Nasdaq Inc. isn’t surprising. In October, rumors were that the stock exchange would turn to Symbiont to help implement a token platform.
Bloomberg notes that the investment shows Wall Street hasn’t completely given up on blockchain technology; however, they stress that, especially with the crash in cryptocurrency markets, the technology might be showing its limitations.
This reporting frankly shows a lack of knowledge for the space, as the Bitcoin SV (BSV) team is proving that the right team can make revolutionary new technology with the right protocol. Unwriter has proven that there are many improvements that can be made to the technology, and Steve Shadders has recently unlocked new potential that could lead to immense change.
The potential in blockchain technology, and specifically the BSV blockchain, is limitless with their strategy of massive on chain scaling and stability in the protocol.
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.