Smart securities startup Symbiont has secured $1.25 million in its first round of investment, with an additional Series A round reportedly slated for Q3 this year.
The startup is an offshoot of 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 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 after they founded the startup to continue their work.
Stocks to Watch This Week – Expedia Group, IncGo to article >>
They previously explained that their latest project was the next step in helping improve the transparency, liquidity and efficiency of capital markets. According to Symbiont’s website, features like built in escrow and clearing, as well as automated corporate actions, are envisioned.
The round was led by Duncan Niederauer, formerly CEO of NYSE Euronext, and Matt Andresen, former trading head at hedge fund Citadel and now co-CEO of Headlands Technologies. Niederauer has become increasingly interested in Bitcoin technology for the trading landscape, joining bitcoin derivatives provider Tera Group as Advisory Director earlier this year.
Other investors include Dan Tierney, Stephen Schuler, Scott Carmilani (CEO of Allied World Assurance Company), and Celeridem FinTech Fund.