Symbiont Reportedly Launches Its First Smart Securities on Blockchain
- 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.
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 Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term 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.
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.
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 Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term 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.