Nasdaq, Citigroup & others invest $20 Million in Symbiont

IOT News

Nasdaq-Citigroup-others-invest-20-Million-in-Symbiont Nasdaq, Citigroup & others invest $20 Million in SymbiontNasdaq, Citigroup, & Galaxy Digital Holdings, form a group of firms who are making a US $20 million investment in Symbiont, a smart contracts platform for institutional blockchain applications, as per a press release statement published on Wednesday, Jan. 23rd 2019.

The smart contract platform will be utilized in capital markets, and with this platform offering, financial institutions will have access to share and verify data and use smart contracts to provide faster settlements for syndicated loans and streamline mortgage bond markets.

Symbiont will also utilize the investment fund to advance its work on data management, mortgages, private equity, and syndicated loans. Further, Nasdaq will also explore new opportunities to make good use of Symbiont’s Assembly, to benefit its clients who wish to use smart contracts or tokenize their assets.

According to Mark Smith, CEO, Symbiont, the blockchain and crypto market space is maturing, today the blockchain tech has entered a much more realistic phase, prompting people to seriously think its suitable use cases. The blockchain tech cleared the fog of hype and has entered a realistic realm of disillusionment, especially for people who inappropriately applied the tech hoping it would solve all their issues.

The MIT Technology Review, an independent magazine owned by the United States Massachusetts Institute of Technology (MIT), recently on Wednesday, Jan. 2nd 2019, published an article, titled -“In 2019, blockchains will start to become boring,” stating that the technology will attain normalcy in 2019.