Vanguard, the 44-year-old mutual giant famous for popularizing index investing, has completed one of the most noteworthy implementations of blockchain technology for a financial institution to date. It’s now using blockchain—the distributed ledger software that underpins cryptocurrencies like bitcoin—to help manage data for some of its most widely used financial products, including its largest mutual fund, the $800 billion Total Stock Market Index Fund.
The company behind Vanguard’s blockchain experiment is Symbiont, a six-year-old New York startup with 75 employees. Symbiont’s products aim to serve different functions for financial institutions, ranging from tracking the full life cycle of a mortgage security to settling securities trades
Security token specialist Templum is shifting from public to private blockchains.
Announced Monday, enterprise software vendor Symbiont is building a private blockchain and smart contracts system that Templum will use for future security token offerings (STOs) by its clients. Previously, the regulated broker-dealer left the choice of blockchain protocol up to the issuers, but this posed problems, Templum CEO Christopher Pallotta told CoinDesk.
Symbiont.io Inc., a financial technology company delivering enterprise blockchain solutions, today announced a partnership with Templum Inc, a leading innovative technology company for the private markets. Templum will leverage and embed Symbiont's Assembly as their blockchain and smart contract technology for its regulated, end-to-end solutions for raising capital and secondary trading platform, Templum Markets. Together, Templum and Symbiont are transforming the $3T issuance market of private securities.
Symbiont.io Inc. today announced the closing of a $20m Series B funding round to continue its growth as the market-leading blockchain platform for the global financial markets. The round was led by Nasdaq Ventures with participation from additional new investors including Galaxy Digital, Citi, Raptor Group, and others.
In 2007, at the cusp of the global financial crisis, Mark Smith helped found Anderen Bank of Tampa Bay—inadvertently buying himself a front row seat to the chaos and confusion that unleashed soon after, as giants such as Lehman Brothers crumbled.
He saw homes foreclosed upon, and watched as the nation struggled to understand how so many mortgages had been made to borrowers unable to repay those loans. And in aftermath, he observed the backlash from investors and banks that say the post-crisis regulation has crippled their ability to grow profits.
Nasdaq Inc. and Citigroup Inc. are among firms that are investing $20 million in Symbiont.io Inc., a New York-based company that’s applying blockchain technology to capital markets.
Ten industry-leading financial services and technology firms launched the Association for Digital Asset Markets (ADAM) to establish a Code of Conduct for emerging digital asset markets. ADAM will be the first broad-based organization of its kind in the United States to proactively seek comprehensive standards for digital asset market participants.
What if bitcoin's white paper wasn't meant to inspire ICOs?
Ranieri Solutions, a financial services technology investment firm founded by Lewis S. Ranieri, father of the securitized mortgage market, has partnered with Symbiont, the market-leading blockchain and smart contract company, to explore opportunities to use Symbiont’s platform to systemically improve all aspects of the mortgage industry. The combination of Ranieri’s deep knowledge of the mortgage market coupled with Symbiont’s expertise in deploying enterprise blockchain networks led to the partnership between the firms.
Sure, the wild swings in the price of Bitcoin and other cryptocurrencies dominate the daily news. But beneath the headlines, the nine blockchain startups on the ForbesFintech 50 list for 2018 are building infrastructure—to support both public cryptocurrency markets and initiatives that could transform how current financial transactions are executed and recorded.
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.
Symbiont CEO Mark Smith is quoted in PC Magazine's February 2017 Cover Story
What's in store for Delaware's blockchain work in 2017? The US state's blockchain ombudsperson provides an update.