Wall Street invests $20M to use blockchain in capital markets

posted 7 months ago
Wall Street is steadily plowing funds into crypto. Symbiont, a New York startup is bringing blockchain tech to capital markets. The world’s second largest stock exchange Nasdaq Ventures initiative is taking the lead in Symbiont’s series B funding round. Along with Citigroup, and other high-name investors including Mike Novogratz’s Galaxy Digital Holdings Ltd, they’re investing $20 million.

Symbiont’s smart contract platform Assembly allows financial institutions to verify and share data. By using smart contracts, the company aims to make the mortgage bond market more efficient. It also plans to speed up times for syndicated loans. Vanguard invested as well, to apply blockchain tech to update the index data behind mutual funds. Symbiont will use the funds to improve their data management process and work on private equity, mortgages, and syndicated loans. Nasdaq will be looking into opportunities to capture new clients who want to tokenize assets and use smart contracts through Symbiont’s Assembly platform.
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