NEW YORK (JUNE 1, 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. Terms were not disclosed.
Loic Engelhard, founder and CEO of PrivateMarket.io, said, "With Symbiont not only have we found both a selfless and dedicated business partner, but also the most cutting-edge technology for our complex project where security and privacy are of paramount importance for its success.” He continued, “From an operational perspective choosing Symbiont’s solution was a no-brainer considering the ease of integration with our own internal processes. If we all agree that competition is fierce in the field of Distributed Ledger Technology and Smart Contracts, Symbiont with its A-team and unique ‘know-how’ is just a league apart."
Mark Smith, co-founder and CEO of Symbiont, said, “Symbiont’s SmartSecurities™ back-end is production-ready and we look forward to working with Loic and his team to commercialize it. Issuers and investors will be able to automate corporate actions using our system, peer-to-peer, and will know at all times who owns all securities outstanding for any investments made on the platform. The market for alternative investments is growing rapidly and we see tremendous potential for fund managers and investors alike to gain from the transparency and automation our system provides while also providing participants the highest level of privacy and security."
The parties anticipate that the marketplace will be live in late 2017.
PrivateMarket.io enables a new generation of wealth managers to access, analyse and seamlessly execute primary and secondary market transactions online. Through technology we deliver concrete solutions for more transparent and efficient private capital markets.
Clara Jian, (+852) 5808-1062
Symbiont is the market-leading smart contracts platform for institutional applications of distributed ledger technology. Disclosed users of its platform include nineteen financial institutions for Smart Loans™, arranged by Credit Suisse and executed via Synaps, its syndicated loans joint venture with Ipreo; the State of Delaware for Smart Records™; a major European insurance company for Smart Swaps™ in the catastrophe insurance market; and Orebits, a provider of asset digitization services. For more information about Symbiont: www.symbiont.io
Sean Mogle, 646-202-9845