Nasdaq-backed Symbiont raises $20mn for institutional blockchain platform

Symbiont announced the closing of a $20m Series B funding round to continue developing its blockchain platform for the global financial markets. The round was led by Nasdaq Ventures with participation from additional new investors including Galaxy Digital, Citi, Raptor Group, and others. Vanguard is listed as an “anchor” partner.

Symbiont will use this funding round to accelerate deployments for applications in data management, mortgages, private equity, and syndicated loans. In addition to the investment, Nasdaq will explore new business for the fintech’s enterprise blockchain and smart contract platform, Assembly, with existing and new clients looking for smart contract and tokenization solutions.

With Assembly, financial institutions can maintain the peer-to-peer nature of their transactions with no central authority, while also receiving the benefits of a shared database with end-to-end privacy. Clients and partners are using it to build “the next wave of financial infrastructure without having to surrender control of their data or their direct relationships with their clients”.

Read the full release

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