Symbiont.io, the blockchain based FinTech startup, has launched its first product: a Ripple Gateway for the Counterparty protocol, over which XCP, Counterparty’s native currency, or any other Counterparty asset may be sent.
Counterparty is a free and open financial platform built on the Bitcoin blockchain, which enables the creation of custom user tokens and smart contracts. With the Ripple Gateway implementation, Counterparty users will now be able to transfer their funds in real-time with minimal transaction fees.
The gateway allows users to send Counterparty assets through the Ripple network, and to transfer those assets back into the Counterparty network. Further, both on the Ripple and Counterparty networks assets may be stored in offline wallets to ensure maximum security.
Mark Smith, CEO of Symbiont, said:
By being a member of the Ripple network, one may potentially become part of other users’ ‘trust networks’. Such trust networks guarantee, first of all, that one only does business with those whom one has explicitly chosen; and further, may allow you to exchange a wide range of currencies, including fiat. Users of Symbiont’s gateway will naturally benefit from the trust networks Symbiont joins. The development of this gateway demonstrates Symbiont’s development teams ability to work with any distributed ledger technology
Symbiont is building a platform for issuing and trading smart securities using blockchain technology. Its goal is to improve and replace key infrastructure components of today’s financial markets by automating corporate actions, enabling peer-to-peer transaction settlement and eliminating counterparty risk.
Adam Krellenstein, CTO of Symbiont and co-founder of Counterparty, added:
Symbiont is proficient with all of the most advanced technologies in crypto-finance, and is always ready to use the right tool for the job. With this marriage of the Counterparty and Ripple networks, each benefits from compatibility with the other, and the whole is greater than the sum of its parts.
Symbiont was formed earlier this year by the co-founders of Counterparty, Adam Krellenstein, Robby Dermody, and Evan Wagner, and Mark Smith, the founder of MathMoneyf(x) and an entrepreneur behind various large scale trading platforms.