Smart contracts platform Symbiont has closed a $1.25m seed funding round.

The company – which plans to issue smart securities on bitcoin's blockchain later this year – received funds from investors including Duncan Niederauer, former CEO at the New York Stock Exchange (NYSE) and Matt Andresen, former co-CEO of Citadel Derivatives Group.

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The startup grew out of the Counterparty project, which in turn provided support for Overstock's Medici project during its early stages. Several developers went on to leave Medici and later established Symbiont.

Mark Smith, CEO of Symbiont, said in a statement: "The blockchain not only has the potential to democratise markets but to drive down the cost of doing business across all sectors."

Symbiont's focus on blockchain tech aims to improve the financial market for traders, by lowering costs and increasing security, transparency and liquidity.

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"It's an exciting, timely and much-needed development for the long-term health of the markets," said Niederauer, managing member of 555 Capital and member of Symbiont's board of directors.

The company's Series A funding round is expected to close later this year.

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