Nasdaq Blockchain Project Generates $20M in Series B Funding, Embraces Cryptos

Nasdaq Venture has expressed the biggest interest in cryptocurrencies yet by investing around $20 million. The firm Symbiont Inc. just received $20 million from a series B funding round. Nasdaq Ventures made the round and this seems to be it’s another massive move towards the virtual currency market yet.

This funding will expand the goals and targets of the blockchain technology project to develop a smart contracts frontier for several institutional applications. Symbiont’s smart contract provides complex financial instruments to outlive the whole life cycle on a network with end-to-end privacy.   

Mark Smith, the CEO and Co-Founder of Symbiont, a smart contract platform, elaborated how the funding will be used and how their subversive platform will function and run. He said:   

“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.”   

   

Integrating DLT and Smart Contracts   

Nasdaq will further search for fresh business opportunities where Symbiont’s enterprise distributed ledger technology (DLT) and smart contract platform, called Assembly, can be maximumly used.   

The Head of Nasdaq Ventures, Gary Offner, also elaborated that the platform will be merged into Nasdaq’s financial framework.   

“Our investment will also include the integration of Symbiont’s enterprise blockchain and smart contract platform into the Nasdaq Financial Framework.”   

   

A few months ago, Nasdaq bought the pro-cryptoasset fintech firm Cinnober for around $190 million. They aim at offering a high-performance trading solution for all potential institutional investors.   

Adena Friedman, CEO of Nasdaq, also noted that the company might create a digital currency exchange in the future. However, it might take some good time for the regulatory framework to be created. The firm is progressing and will roll out trading with Bitcoin futures in the first quarter of 2019.