Nasdaq, the second-largest stock exchange in the world, has made an investment in enterprise blockchain startup Symbiont. Nasdaq would also explore new business opportunities to utilize Symbiont's enterprise blockchain and smart contract platform Assembly into the Nasdaq Financial Framework.
Symbiont raised $20 million funding in a Series B round led by Nasdaq Ventures. The investment was supported by new investors including Galaxy Digital, Citi, Raptor Group, and others.
The Startup will use the funding round to accelerate deployments across multiple business verticals including Data Management, Mortgages, Private Equity, and Syndicated Loans.
Symbiont CEO and Co-founder Mark Smith said its anchor partners like Vanguard, Lewis Ranieri, and Nasdaq will benefit from developing new distributed applications on Assembly.
Smith added, "Assembly provides the opportunity for new participants to enter the digital asset market and offers existing participants a superior infrastructure on which to build the future of financial markets."
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