Symbiont has announced the launch of its Smart Securities on Bitcoin’s blockchain.
The startup is a spinoff from Counterparty, a protocol designed to support the decentralized transfer of assets by leveraging Bitcoin’s blockchain.
Counterparty developers Robby Dermody and Evan Wagner had been working with Overstock.com on its Medici project, which seeks to create a decentralized cryptosecurity marketplace, but their work ended when, according to the project’s management, other protocols had to be tried. Shortly thereafter they founded the startup to continue their work, and received $1.25 million in funding two months ago.
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The announcement did not enter into details on the nature of the securities launched, or any other specifics.
The announcement came around the same time as the launch event for tØ, Overstock’s platform for blockchain-based securities, part of the Medici project (which Symbiont founders had worked on).
Mark Smith, CEO and co-founder, said, “With interest in distributed ledger technology growing rapidly, financial institutions are exploring how to leverage it to improve the efficiency and security of trading and processing financial transactions. Smart Securities will ultimately change the way that financial instruments are issued, managed, and traded.”
Banks, stock exchanges and startups have recognized the potential for blockchain technology in securities trading, and have been accelerating their work to be among the first to revolutionize the market.