Despite the bear market, and rising camp of naysayers predicting Bitcoin’s demise, Wall Street is steadily plowing funds into crypto. The newest blockchain firm to catch traders’ eyes is Symbiont, a New York startup bringing blockchain tech to capital markets.
2019 The Year of Institutional Investment
Bitcoinist reported yesterday that Nasdaq is positively bullish on bitcoin. Ahead of Davos, Nasdaq CEO Adena Friedman said unequivocably that cryptocurrencies would play an essential function sooner or later. She even predicted that bitcoin might grow to be a world forex.
Now the world’s second largest inventory alternate Nasdaq Ventures initiative is taking the lead in Symbiont’s sequence B funding spherical. Along with Citigroup, and different high-name traders together with Mike Novogratz’s Galaxy Digital Holdings Ltd, they’re investing $20 million.
Symbiont is proud to announce the closing of our $20M Series B funding spherical led by @Nasdaq Ventures with participation from extra new traders together with Galaxy Digital @novogratz, @Citi, @RaptorGroup, and others. @Bloomberg: https://t.co/dD0qDC9dJg #blockchain #FinTech
— Symbiont (@SymbiontIO) January 23, 2019
This vote of assist in Symbiont reveals that Wall Street remains to be anxious to make its means into the cryptocurrency area. Despite a torrid 12 months with as a lot as 90 p.c of worth wiped off of some altcoins.
Blockchain Technology Called into Question
According to Symbiont CEO Mark Smith, this much-needed backing from Wall Street comes not solely throughout the crypto winter however at a time when blockchain expertise is being known as into query as properly.
After an overhyped 2017, 2018 left individuals’s expectations deflated like a helium balloon after a kids’s social gathering. Smith informed Bloomberg that we had been now getting into a way more “realistic phase” about what blockchain can and can’t do.
We are leaving the height of the hype cycle and getting into the trough of disillusionment, particularly for individuals who inappropriately utilized this expertise hoping it might grow to be a panacea for fixing all their issues.
From discovering a treatment to most cancers to eradicating corruption within the provide chain, blockchain was the answer. However, it’s turning into clear that whereas the expertise is undoubtedly essential, its makes use of are restricted–for the present time.
What Makes Symbiont a Good Bet?
Symbiont’s smart contract platform Assembly permits monetary establishments to confirm and share information. By utilizing smart contracts, the corporate goals to make the mortgage bond market extra environment friendly. It additionally plans to hurry up occasions for syndicated loans.
As properly because the backing of Nasdaq, Citi, Novogratz, and Jim Pallotta’s Raptor Group Holdings, Symbiont has additionally teamed up with Vanguard Group Inc.
This can be an essential partnership that can allow funding large Vanguard to use blockchain tech to replace the index information behind mutual funds.
Symbiont will use the funds to enhance their information administration course of and work on non-public fairness, mortgages, and syndicated loans.
And as for Nasdaq? The world’s second largest inventory alternate can be wanting into alternatives to seize new purchasers who need to tokenize belongings and use smart contracts by means of Symbiont’s Assembly platform. Watch this area.
Will this newest money injection materialize for the Wall Street traders? Share your ideas under!
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