World’s second largest stock exchange, Nasdaq, has once again shown trust in blockchain technology by leading a Series B funding round into entreprise blockchain startup, Symbiont.
According to a Forbes report, tech-rich Nasdaq has led a $20 million Series B investment in Symbiont while Citi Ventures, Galaxy Digital, and Raptor Group are the other companies who participated in the round.
As part of the investment, it is expected that Nasdaq will undergo a “commercial integration” with Symbiont with both companies eyeing expansion into new territories in the coming years.
Speaking about the new deal, Symbiont cofounder and CEO Mark Smith said,
We see this huge opportunity to be able to go all over the globe with Nasdaq. And use this marketplace solution from origination to finality, including ways you can buy and transact new types of instruments backed by our smart-contract technology.
The CEO went further to reveal that the majority of the funds will be spent on moving the startup to a new office location and also recruiting new blockchain engineers. Despite the 2018 bear market, the reports confirm that Symbiont has doubled its staff in the past year and will continue to do so.
Symbiont is working on the development of a platform that brings new kind of assets custodied by blockchain technology to mainstream adoption.
The latest investments bring the total amount raised by Symbiont to $36 million after the startup raised $16 from its Series A funding round which had Fenbushi Capital and Medici Ventures as significant investors.
On the part of Nasdaq, the stock exchange has already stated double-dating cryptocurrencies and blockchain technology with the hope of positioning itself for the new world of assets. Nasdaq is also in line to launch a Bitcoin Futures contract later this year and have offered its Smarts Market Surveillance system to solve crypto market manipulation.