Nasdaq and Citi invest in blockchain outfit Symbiont

Nasdaq and Citi invest in blockchain outfit Symbiont

Symbiont, a startup working to bring blockchain technology to capital markets, has raised $20 million in a Series B funding round led by Nasdaq Ventures and joined by Citi.

Galaxy Digital, Raptor Group and others also joined the round, the proceeds of which will be used by Symbiont to push its work in areas such as data management, mortgages, private equity and syndicated loans.

As part of its investment, Nasdaq is also pledging to "explore" the use of Symbiont's enterprise blockchain and smart contract platform, Assembly, with clients that are looking to adopt the technology.

Gary Offner, head, Nasdaq Ventures, says: "Our investment will also include the integration of Symbiont's enterprise blockchain and smart contract platform into the Nasdaq Financial Framework."

Assembly is designed to enables financial institutions to 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.

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