Nasdaq Pushing For Crypto And Blockchain Adoption

Nasdaq has taken a step forward in the adoption of the blockchain technology and crypto assets. Nasdaq has invested a significant amount of money in the financing a start-up which will be developing Enterprise blockchain solutions. From an official press release it has been known that Symbiont has successfully closed a $20m Series B funding round. The round was led by Nasdaq Ventures which also included investors like Galaxy Digital owned by Mike Novogratz, Citi and Raptor Group among others. The amount will be for promoting the growth of Assembly which is a blockchain platform designed by the firm which supports smart contracts and tokenization solutions.

Mark Smith, CEO and Co-founder of Symbiont, after the success of obtaining the support of important sponsors said, “Closing this round of funding enables us to accelerate investments in our platform and team. Leveraging our financial markets and blockchain technology experience, our anchor partners like Vanguard, Lewis Ranieri, and Nasdaq will benefit from developing new distributed applications on Assembly, our enterprise blockchain and smart contract platform. 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.”

Nasdaq also displayed its confidence in the success of Symbiont. Gary Offner, Head of Nasdaq Ventures said, “We are committed to discovering and investing in innovative technologies to help build our future market infrastructure used by more than 100 marketplaces around the world. Our investment will also include the integration of Symbiont’s enterprise blockchain and smart contract platform into the Nasdaq Financial Framework. We are pleased to support this important, growing area for creating unique institutional applications of blockchain technology.”

Although the crypto market of 2018 had a bearish behaviour there has been positivity in many. Adena Friedman, President and CEO of Nasdaq has been positive about the impact of the crypto assets in near future. She said, “It is difficult to ignore the huge amount that investors, including some of the most sophisticated global investors, have poured into digital currencies in recent years. The invention itself is a tremendous demonstration of genius and creativity, and it deserves an opportunity to find a sustainable future in our economy. At Nasdaq, we are working to help cryptocurrencies gain investors’ trust by offering our technology for trade matching, clearing, and trade integrity to start-up exchanges. We have also invested in ErisX, an institutional marketplace for cryptocurrency spot and futures. While this year will be another proving ground for cryptocurrencies, we believe digital currencies will have a role in the future. The extent of its impact will depend on the evolution of regulation and broader institutional adoption.

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