Nasdaq backed blockchain technology-based project raises $20 million in Series B funding.
Nasdaq is taking a step forward in the push for blockchain technologies and adoption of cryptocurrencies. Nasdaq invested a substantial amount of money recently in the financing of Symbiont, a startup that develops enterprise blockchain technology solutions.
Symbiont successfully closed a $20m Series B funding round, according to an official press release. Nasdaq Ventures led the round which also included investors such as Mike Novogratz’s Galaxy Digital, Citi and Raptor Group among others.
The funding will be used to promote the growth of Assembly, a blockchain platform created by the company with support for Smart contracts and tokenization solutions.
Symbiont CEO and Co-founder Mark Smith expressed his enthusiasm after the success of having obtained the support of such important sponsors.
Smith said that closing the Series B round of funding will enable them to accelerate investments on the platform. The anchor partners of Symbiont such as Vanguard, Lewis Ranieri, and Nasdaq will benefit from developing new distributed applications on Assembly, the enterprise blockchain and smart contract platform. Assembly will provide the opportunity for new participants to enter the digital asset market and offer existing participants a superior infrastructure on which to build the future of financial markets.
Nasdaq expressed its optimism and confidence in Symbiont’s success. For Gary Offner, Head of Nasdaq Ventures, products like Assembly can contribute to the economic growth of many companies on a global scale.
Offner said that they are committed to discovering and investing in innovative technologies to help build the future market infrastructure used by more than 100 marketplaces around the world.
Nasdaq’s investment will also include the integration of Symbiont’s enterprise blockchain and smart contract platform into the Nasdaq Financial Framework. This is a very important and growing area for creating unique institutional applications of blockchain technology.
Adena Friedman’s Positive Outlook
The bearish crypto market in 2018 and the pessimism of many hasn’t demotivated Nasdaq. Adena Friedman, President, and CEO of Nasdaq remain optimistic about the impact of the cryptocurrencies in the future. She is also determined to launch Bitcoin Futures and maybe an exchange if conditions are favorable. She recently addressed her followers on LinkedIn commenting on her impressions.
Friedman pointed out the difficulty of ignoring the huge amount that investors, including some of the most sophisticated global investors, have poured into digital currencies in recent years. The invention itself is a tremendous demonstration of genius and creativity, and it deserves an opportunity to find a sustainable future in the economy.
Nasdaq is working to help cryptocurrencies gain investors’ trust by offering technology for trade matching, clearing, and trade integrity to start-up exchanges. Nasdaq has also invested in ErisX, an institutional marketplace for cryptocurrency spot and futures. While this year will be another proving ground for cryptocurrencies, digital currencies will have a role in the future. The extent of its impact will depend on the evolution of regulation and broader institutional adoption.
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