Vanguard, in close collaboration with the Center for Research in Security Prices (CRSP®) and technology provider Symbiont, is leading an effort to simplify the index data sharing process through innovative blockchain technology. This partnership between the three organizations will enable index data to move instantly between index providers and market participants over one decentralized database.
“We are grateful to the judges for recognizing the importance of Symbiont’s platform in helping to efficiently manage custody risk,” said Mark Smith, CEO & co-founder of Symbiont. “We showed in our pilot project with 19 institutions in the syndicated loan market, via our joint venture with Ipreo called Synaps, that Symbiont’s technology could efficiently custody and transfer assets.”
“Thank you to the judges for recognizing that Symbiont’s platform adds value to the buy-side specifically, since it is a founding principle of Symbiont to partner with the buy-side to upgrade settlement processes in capital markets via blockchain and smart contracts,” said Mark Smith, CEO & co-founder of Symbiont. “Symbiont’s platform is especially fair to the buy-side because it is truly decentralized, which means all network nodes are equal and no nodes have any advantages over others. Because there are no gatekeepers in Symbiont networks, the balance of power is fair to everyone and we appreciate the buy-side recognizing the value of this.”
Corporations must get permission from Delaware to issue a certain number of authorized shares, say 1 million, said Symbiont Chief Executive Officer Mark Smith. The state collects filing fees and other revenue based on the authorized number of shares, but sometimes companies issue additional shares that Delaware is unaware of, he said. A smart contract eliminates that possibility.
“The smart contract manages the authorized and issued shares,” Smith said. “It’s impossible to issue more than 1 million shares on the blockchain because the smart contract has that as a limitation.”
Law360, Wilmington (August 3, 2017, 7:45 PM EDT) -- A newly effective Delaware law allowing companies to issue and manage securities via decentralized “blockchain” networks has attracted substantial and in some cases surprising interest, one executive at the center of the innovation said Thursday.
Mark Smith, CEO of smart securities company Symbiont, said that law firms have shown significant interest in the new provision of Delaware’s corporation law, which took effect Aug 1.
Symbiont was chosen as the exclusive blockchain partner for Delaware’s initial blockchain effort and will be the only platform integrated with the...
Medici Ventures and Symbiont today announced the completion of a strategic investment in Symbiont by Medici Ventures, a major investor in blockchain technology. As part of the new relationship, the two companies will collaborate on strategic projects involving both Medici Ventures and its parent company, Overstock.com.
Blockchain solutions provider Symbiont gave a public demonstration of its distributed ledger solutions at a Washington, DC, event on Tuesday.
There, founder and CEO Mark Smith gave a preview of how its Symbiont Assembly platform could be used for private equity issuance, highlighting how he believes its products, and their underlying technology, have the potential to transform how private corporations in the US are governed.
In the summer of 2015, a Delaware official approached the cryptocurrency lawyer Marco Santori with a simple question.
Andrea Tinianow, the state's director of corporate and international development, had learned that New York, where Santori practiced law, was cracking down on bitcoin startups. She wanted to know, "How do we drive them out of New York and bring them to Delaware?"
Santori told her that some of his clients at the law firm of Pillsbury Winthrop Shaw Pittman were interested in issuing shares of stock on a blockchain. There was no law preventing it, but his clients wanted to see it expressly allowed.
In a move signaling blockchain technology’s continued advancement in the financial world, Hong Kong–based PrivateMarket.io and NY-based Symbiont announced an agreement to build an alternative investment marketplace for closed-end funds utilizing Symbiont’s SmartSecurities™ software. The parties anticipate that the marketplace will go live in late 2017.
Hong Kong-based PrivateMarket.io and Symbiont today announced an agreement to build an alternative investment marketplace for closed-end funds using Symbiont’s SmartSecurities™ software.
Symbiont today announced that Dr. Alysson Bessani, the co-creator of the Byzantine fault-tolerant consensus protocol BFT-SMaRt, has joined the company’s advisory board. Developed in 2014, BFT-SMaRt was designed to address deficiencies in other BFT protocols such as PBFT. Assembly, Symbiont’s decentralized log component, is based on the BFT-SMaRt consensus protocol, allowing it to achieve best-in-class security, stability and performance.
Symbiont, the market-leading smart contracts platform for institutional applications of distributed ledger technology, today announced a strategic partnership with Chinese software giant Hundsun Technologies Inc, which includes an investment by a division of Hundsun in Symbiont’s Series A-1 round. The investment is Hundsun’s first in both the United States and in distributed ledger technology. Symbiont’s board of directors granted Hundsun a board observer seat.
Symbiont has appointed Dr. Zhong Shao, a Yale professor of computer science and leading expert in formal verification of software, to its Technical Advisory Board. Together, Dr. Shao and the Symbiont engineering team are applying cutting-edge techniques in programming language design and formal methods to the task of writing and publishing smart contracts in a decentralized network. Professor Shao is working closely with Symbiont to ensure that its smart contract language supports the highest levels of security and integrity in enterprise software.
Synaps combines Symbiont's leading smart contract technology and Ipreo's new business process solution to help speed loan trade settlement. Nineteen firms participated in the demonstration, including Barclays, BBVA, Danske Bank, LSTA, Royal Bank of Scotland, Scotiabank, Societe Generale, State Street Corporation, TenDelta LLC, U.S. Bank, and Wells Fargo. Influential buy-side firms AllianceBernstein (AB), Eaton Vance Management, KKR, and Oak Hill Advisors were also involved in the initiative.
This blog post is part of the Delaware law series on: The Harvard Law School Forum on Corporate Governance and Financial Regulation
Orebits Corp., a provider of digitization services for unrefined commodities, and Symbiont, a distributed ledger technology company, have partnered to bring clients of Orebits Corp. the opportunity to invest in unrefined gold via “smart certificates.” The certificates, called “orebits,” are digitized assets, backed by proven gold reserves, which can be exchanged electronically on a peer-to-peer basis. The first orebits were issued on Symbiont’s platform on March 10, 2017.
What's in store for Delaware's blockchain work in 2017? The US state's blockchain ombudsperson provides an update.
Symbiont has appointed renowned cryptographer Dr. Lisa Yin as its Chief Security Officer and Chief Cryptographer
Congratulations to Caitlin Long, Chairman of the Board & President at Symbiont, on winning the Markets Choice Award for Excellence in Blockchain
Adam Krellenstein, Symbiont CTO and co-founder, explains why blockchain technology is a good fit for the syndicated loan market
Institutional Investor magazine names Symbiont Director Neil DeSena of SenaHill Partners to Fintech's Most Powerful Dealmakers of 2016
Symbiont has appointed former SEC Commissioner Daniel Gallagher and Todd Ruppert, former CEO and President of T.Rowe Price Global Investment Services, to its Board of Directors.
Symbiont, a pioneer in the use of smart contract technology for financial markets, has won “Best Distributed Ledger Technology Project” in the 2016 Buy-Side Technology Awards, sponsored by WatersTechnology.
A judge for the Delaware Chancery Court has advocated for blockchain-based proxy voting as a means to put more power in the hands of shareholders.
Symbiont announced the release of a software development kit for Assembly, the permissioned distributed ledger component of Symbiont's Smart Securities Platform.
The distributed ledger, called Assembly, is the first one that can be used in institutional finance.
New York startup Symbiont today publicly launched its Assembly blockchain.
Symbiont, a New York-based blockchain startup, has announced the release of a software development kit forAssembly, the permissioned distributed ledger component of Symbionts smart contracts system. There are two main...