NEW YORK, NOV. 7 2016 – 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.
The Buy-Side Technology Awards recognize the leading technologies and vendors in their area of expertise, through an auditable and transparent methodology underpinned by the input of seven judges – five buy-side-focused technology consultants and two of Buy-Side Technology’s editors.
Symbiont’s Smart Securities® platform is the only smart contracts system purpose-built for institutional finance, and is currently rolling out solutions for syndicated loans, private securities, insurance and record-keeping.
“The capital markets demand security, privacy, stability, and performance superior to the limited options available to institutions thus far,” said Mark Smith, CEO & co-founder of Symbiont.
“We’re honored to have been selected by the judges in the inaugural year of this category, and especially so because we think the buy-side will be the biggest beneficiary of distributed ledger technology ,” said Caitlin Long, chairman and president of Symbiont.
Symbiont is providing the technology to the most complex, multi-party distributed ledger pilot project to date, which also involves the buy-side. In September, Credit Suisse announced completion of milestones in the project, which involves 15 financial institutions and includes Symbiont’s joint venture partner, Ipreo, and R3. Last month, Symbiont released a software development kit for the distributed ledger component of its system, which has market-leading speed at over 80,000 transactions per second on multiple nodes in a single region.
Symbiont is the market-leading smart contracts platform for institutional applications of distributed ledger technology. Disclosed users of its platform include 15 financial institutions for Smart Loans™, arranged by Credit Suisse and executed via its syndicated loans joint venture with Ipreo; the State of Delaware for Smart Records™; and a major European insurance company for Smart Swaps™ in the catastrophe insurance market.