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.

Guild of Guardians Built to 'Win' the Web2 Mobile Space: Game Director

13:18

Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO

05:10

Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny

04:07

The first video of the year 2024

40:07

The last regression video of the year 3.67.0

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.

STORY CONTINUES BELOW

Recommended for you:

"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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.