Jack Ma Firm Partners in First Blockchain Deal

Announcements, Blockchain, FinTech, Investing, News | May 5, 2017 By:

New York City-based blockchain startup Symbiont has partnered with Jack Ma and Alibaba Group’s Hundsun Technologies Inc., a China-based firm aiming to bring Symbiont’s smart contracts software to Hundsun’s extensive customer base. The goal is to streamline business processes in the public and private securities market.

The deal is believed to be the first direct investment by billionaire Ma in the US and blockchain space. He is a part-owner of Hundsun, spending 3.3 billion yuan ($532 million US) in 2014 to become its largest shareholder.

The partnership also includes an investment by a division of Hundsun in Symbiont’s Series A-1 funding round.  As part of the agreement, Symbiont’s board of directors granted Hundsun a board observer seat.

“We selected Symbiont because of its superior, mature and highly differentiated DLT stack,” said Hundsun executive president Guan Xiaolan. “Its data layer is protected by market-leading security and privacy solutions, and its smart contracts have a proven ability to automate complex business logic, such as highly tailored employee compensation waterfalls for private companies.”

“We are very pleased to have the backing of such a strong partner in Asia, and we look forward to working together on near-term opportunities,” said Symbiont CEO Mark Smith. “To have the support of such a prominent and respected partner is a clear vote of confidence for Symbiont.”