The founders of the most advanced Bitcoin 2.0 project to date, Counterparty, have joined forces with MathMoney f(x) to found symbiont.io.
Symbiont.io is a FinTech company focused on fostering the symbiotic relationship between traditional financial markets and cryptographic blockchain technology. Its efforts will be centered on the creation of SMART SECURITIES™: self-executing digital contracts that are stored on a global, shared database called a "blockchain," which no one party controls.
"I founded MathMoney f(x) (a SenaHill Partners portfolio company) to address the severe infrastructural problems associated with the emerging math-based currency trading ecosystem. After studying the intricacies of the blockchain over the last few years and working with Counterparty on a separate project it became clear that blockchains in general, and Counterparty specifically, could solve long standing, previously intractable problems that exist in modern financial markets. This epiphany made the decision to join forces with the Counterparty team a logical one," said Mark Smith, CEO of symbiont.io.
Robby Dermody, co-founder of Counterparty and President of symbiont.io, added: "Since we founded Counterparty over a year ago, our focus has consistently been on the creation and positioning of this technology as a solution for structural issues in the larger financial markets. Symbiont is the next step in achieving that goal."
Evan Wagner, one of the founders of Counterparty and the Managing Director of Operations at symbiont.io, noted: "We're excited about the positive impacts blockchain adoption will have in the systems that power modern finance, and we look forward to seeing this technology put into use in a way that increases transparency, liquidity, and the overall functioning of capital markets."