In March, Bitcoin Magazine reported that Counterparty founders had joined with MathMoney f(x) and its founder Mark Smith as co-founders of the new fintech company Symbiont, focused on fostering the symbiotic relationship between traditional financial markets and cryptographic blockchain technology.
According to the Symbiont’s website, the company is building the first issuance and trading platform for smart securities on blockchain technology. Now, Symbiont has announced that it has secured $1.25 million of seed funding from influential financial market leaders including Duncan Niederauer, former CEO of the New York Stock Exchange (NYSE). A ‘Series A’ round of institutional investment is expected to close in the third quarter of 2015.
“Symbiont is bridging the gap between Wall Street and the emerging blockchain ecosystem,” said Niederauer. “It’s an exciting, timely and much-needed development for the long-term health of the markets.”
“This is a once-in-a-generation opportunity to leverage this previously unimaginable technology for the greater good of investors, financial institutions, and global financial markets,” said Smith, co-founder and CEO of Symbiont. “The blockchain not only has the potential to democratize markets but to drive down the cost of doing business across all sectors.”
The Financial Times notes that the investment reflects growing