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Symbiont start-up issued the first Smart Security for the public ledger. The company hopes to build a bridge between traditional securities and bitcoin universe.

The company announced the issue in a press-release. 

“We are proud to be on the leading edge of this blockchain and distributed ledger movement,” said Mark Smith, CEO and co-founder of Symbiont. “With interest in distributed ledger technology growing rapidly, financial institutions are exploring how to leverage it to improve the efficiency and security of trading and processing financial transactions. Smart Securities™ will ultimately change the way that financial instruments are issued, managed, and traded.”

According to the company, smart securities are programmable versions of traditional securities issued on any type of distributed ledger, such as the blockchain. “Once a security is issued onto the ledger, it acts autonomously,” notes Symbiont.

The company did not provide any further information on “blockchain security” it issued. It also did not disclose the name of the first user.

As CoinFox reported earlier, Symbiont, a startup aiming at building a trade platform on the blockchain, raised $1.25 million from a group of investors. The group includes a former NYSE director Duncan Niederauer and a former head of trading at Citadel Matt Andresen.

This year, big players in the financial market are discussing the future of smart securities. This June, Bank Santander published a research paper stating that the blockchain technology “can be used to bypass a slow and expensive international payment networks or be adopted in securities”.

 

Roman Korizky