Blockchain technology startup Symbiont today launched smart securities on the Bitcoin Blockchain.
Symbiont indicates that its live platform allows institutions and investors to issue, manage, trade, clear, settle and transfer a range of financial instruments more efficiently on decentralized and distributed peer-to-peer financial networks that are cryptographically secured. Initial use cases for smart securities include corporate debt, syndicated loans, securitized instruments and private equity.
Symbiont’s smart securities on the blockchain are designed to change the way that security issuance, management, trading, and clearing and settlement take place within global capital markets. Generically known as “smart contracts”, these instruments are programmable versions of traditional securities issued on any type of distributed ledger, such as a blockchain.
Once a security is issued onto the ledger, it acts autonomously, eliminating traditionally manual mid- and back-office functions.
Mark Smith, Symbiont CEO stated:
We are proud to be on the leading edge of this blockchain and distributed ledger movement. With interest in distributed ledger technology growing rapidly, financial institutions are exploring how to leverage 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.
Symbiont was formed earlier this year by the founders of Bitcoin-tied protocol Counterparty, Robbie Dermody (President), Evan Wagner (MD, Operations) and Adam Krellenstein (CTO), along with Mark Smith, the founder of MathMoney (fx).