Citigroup Inc. and Nasdaq Inc., are among the companies which have taken part in a $20 million funding round for blockchain-oriented company Sybmiont.io. Other investors include Galaxy Digital Holdings – Mike Novogratz’s cryptocurrency merchant bank.
$20 Million Funding Round
Despite the current state of the cryptocurrency market, blockchain-oriented company Symbiont.io has managed to close a funding round of $20 million.
More importantly, the investment saw participation from companies like Nasdaq, Citigroup, Galaxy Digital, and others.
Symbiont is creating a smart contract and blockchain platform called Assembly. It’s intended to be applied in capital markets.
The platform is supposed to enable financial institutions to verify and share information, as well as to use smart contracts in order to speed up settlement times for syndicated loans and streamline the markets for mortgage bonds.
As Bloomberg reports, the company will be using the raised money to work on data management, mortgages, private equity, and on syndicated loans. Nasdaq, on the other hand, will be examining potential new opportunities to use Assembly with certain clients who’ve expressed intentions to use smart contracts or to tokenize assets.
Is Blockchain Maturing?
While there has been speculation that the blockchain hype is fading away, others seem to hold that the field is only getting more mature.
According to the CEO of Symbiont, Mark Smith, we’re entering a much more ‘realistic phase’:
We are entering a much more realistic phase where people look at this technology and think seriously about where it makes sense to apply it and where it doesn’t. We are leaving the peak of the hype cycle and entering the trough of disillusionment, especially for people who inappropriately applied this technology hoping it would become a panacea for solving all their problems.
This also seems to be the position of experts at the MIT Technology Review said that 2019 will become much more normalized and that we will actually see a lot of development.
What are your thoughts on Nasdaq and Citigroup investing in a blockchain-oriented company? Let us know in the comments below!