Symbiont has raised $1.25 million in funding from prominent U.S. financial professionals, including ex-NYSE EuroNext CEO Duncan Niederauer and ex-Citadel Trading Head Matt Andresen. Symbiont aims to leverage blockchain technology to improve the trading and settlement of securities.
Symbiont said it has developed "Smart Securities" technology which aims to improve the way the issuance, trading and settlement of securities takes place in the capital markets. Mark Smith, chief executive and co-founder of Symbiont, emphasized that the company does not run an exchange. "Our focus is not trading digital currencies. Our focus is the application of the blockchain or distributed ledger technology in conjunction with smart contracts for the issuance, management, trading, clearing, and settlement of different traditional financial securities."