Blockchain News

Citigroup and Nasdaq invest heavily in a blockchain technology company

A blockchain technology company based in the U.S state of New York has attracted investment from Citigroup and Nasdaq. The funding round attracted other high profile investors such Mike Novogratz, founder of Galaxy Digital Holdings Limited.

The blockchain technology company, Symbiont.io Inc. is aiming at bringing the distributed ledger technology to capital markets. Using its in-house smart contract platform and blockchain called Assembly, the blockchain technology company is keen on allowing financial institutions “to share and verify data.”

Mark Smith, CEO, Symbiont, noted that:

We are entering a much more realistic phase where people look at this technology [blockchain] and think seriously about where it makes sense to apply it and it doesn’t. We are leaving the peak of the hype cycle and entering in the trough of disillusionment, especially for people who inappropriately applied this technology hoping it would become a panacea for solving all their problems.

Symbiont’s funding round was spearheaded by Nasdaq Ventures, a section of the Nasdaq stock exchange that supports financial technology companies through funding.

Others who invested in the New York-based blockchain technology company include Raptor Group Holdings.

Being the lead investor, Nasdaq:

Will explore additional opportunities to use Symbiont’s Assembly platform with existing and new clients that are seeking to use smart contracts or tokenize assets.

Citigroup and Nasdaq’s involvement in funding the blockchain technology campaign can be interpreted as a good indicator that Wall Street still has some faith in the technology that underpins Bitcoin even after the price of Bitcoin depreciated and is currently struggling to stay above $3,500.

The funding round raised 20 million U.S dollars which Symbiont indicated will be used to fund mortgages, syndicated loans, and data management activities.

Do you think Wall Street is interested in blockchain technology but not necessarily the crypto part?

Let us know your thoughts in the comments section below.

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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