Smart Contracts Platform Symbiont Raises $1.25 Million

Investing | June 12, 2015 By:

On Tuesday, June 9, Symbiont reported it has raised $1.25 million from a group including former New York Stock Exchange chief Duncan Niederauer, former Citadel LLC executive Matt Andresen, and two co-founders of high-frequency trading firm Getco LLC, Dan Tierney and Stephen Schuler.

The startup grew out of the Counterparty project, which in turn provided support for Overstock’s Medici project during its early stages. Several developers went on to leave Medici and later established Symbiont.

“The blockchain not only has the potential to democratise markets but to drive down the cost of doing business across all sectors,” said Symbiont CEO Mark Smith.

The company’s Series A funding round is expected to close later this year.

Symbiont is a trading platform for smart securities on the blockchain technology.