Bring crypto infrastructure tech to the Wall Street

Bring crypto infrastructure tech to the Wall Street

According to the infrastructure provider for cryptocurrencies, symbiT, Wall Street is already strongly tended to crypto technology, and the introduction is just beginning.

Symbiont was founded in 2013 and launched his first enterprise blockchain product with Vanguard in 2019. The product enables smart contracts to adopt data standardization for the passive index funds from Vangaurd, so that orders can be carried out autonomously.

Symbiont Currently Vanguard manages about 2.3 billion US dollars of the passive indices about this network, said Mark Smith, CEO from Symbiont.

"We consider the technology as a toolkit to solve existing problems," said Smith.

"From the first day it was really a question of how we use this technology in a reasonable way so that regulated companies can use them in compliance with."

The crypto infrastructure provider also works with other big names on Wall Street, including Citigroup, Nasdaq and Franklin Templeton Investments, and hopes for further opportunities for cooperation in the future, said Smith.

In his latest partnership, Symbiont worked with Vanguard and State Street to integrate smart contracts into traditional financial transactions.

"From the perspective of the company blockchain we were at the spearhead and viewed the blockchain smart-contract technology as tools for solving real problems in regulated financial markets," said Smith.

Vanguard and State Street now use Assembly, the distributed Ledger technology of Symbiont, in the margin calculation process for a live trade of a 30-day passion for channel.

Vanguard has many international funds, which means that Vanguard must have the available foreign currency on a certain date and a certain time in order to handle these transactions. In order to protect itself against the risk of the time frame in which Vanguard has to settle in a foreign currency, the company concludes deadline and swap contracts.

with Assembly, Vanguard and State Street, who act as a counterparty of the bank, the transactions can be negotiated in a safe, encrypted way via the blockchain, said Smith.

"The Smart Contract calculates exactly how much security you need, based on a calculation of the initial margin that was agreed between the two counterparties," said Smith. "In the past, each side calculated the margin itself and then voted manually overnight or every two days to determine whether both sides received the correct calculation of the margin variance."

Symbiont and other companies in the infrastructure sector have a hard time keeping up with the growing interest in crypto technology from financial institutions, said Smith.

"The demand has actually exceeded expectations, not only from the Symbiont perspective, but I think if you look at the other market participants, they want to expand all," he said. "Now the question arises how these units come on board and become customers. This is the next phase in which the Enterprise blockchain begins to really prevail in these applications."

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The contribution Bringing Crypto Infrastructure Tech to Wall Street is not a financial advice.