Counterparty founders have actually accompanied MathMoney f(x) and its founder Mark Smith as co-founders of the brand-new fintech business Symbiont. Symbiont will concentrate on fostering the symbiotic relationship in between standard financial markets and cryptographic blockchain innovation.
“Given that we established Counterparty over a year back, our focus has consistently been on the production and positioning of this innovation as a solution for structural issues in the larger monetary markets,” said Robby Dermody, co-founder of Counterparty and now President of Symbiont.
“Symbiont is the next step in attaining that goal,” Dermody said.
“We’re delighted about the positive effects blockchain adoption will certainly have in the systems that power contemporary finance, and we anticipate seeing this technology put into use in a manner that increases openness, liquidity and the general performance of capital markets,” included Evan Wagner, co-founder of Counterparty and now Managing Director of Operations at Symbiont.
“I founded MathMoney f(x) (a SenaHill Partners portfolio business) to attend to the serious infrastructural issues related to the arising math-based currency trading environment,” stated Smith, CEO of Symbiont. “After studying the complexities of [the blockchain] it became clear that blockchains in basic, and Counterparty particularly, could address enduring, formerly intractable problems that exist in modern-day financial markets. This epiphany made the choice to join forces with the Counterparty group a rational one.”
“Mark has over twenty years of experience in finance, and was among the core people behind the production of a number of massive trading platforms,” state the Counterparty creators on their web site. “We’re all very thrilled about the prospective favorable effects not only to Counterparty, however to the blockchain’s adoption in the systems that power modern-day finance.”
Symbiont will certainly be utilizing Counterparty and other blockchain-based innovations to address particular, determined concerns in a number of segments of the multi-trillion dollar securities market.
Symbiont’s technology platform will be based upon Counterparty, however the Counterparty innovation itself will certainly remain open source. The Counterparty Foundation will stay the same, with both community and third-party industry voices being represented, and Counterparty co-founder Adam Krellenstein will remain to work as primary scientist of the foundation besides his brand-new duty of Symbiont primary technology officer.
Counterparty made several headlines in 2014. Its innovation was selected as the main software foundation for a brand-new independent stock market operating in bitcoin and powered by Bitcoin technology.
The brand-new stock exchange, developed by Overstock and codenamed Medici, might sidestep standard stock market such as NYSE and NASDAQ and issue business stock straight over the Internet.
It was later on revealed, however, that the Medici project will certainly include a broader range of Bitcoin innovations, protocols and blockchains.
In November, Counterparty announced the implementation of Ethereum’s shows language on the Counterparty platform, making it possible for users to save and carry out Turing Total Ethereum code on the Bitcoin blockchain, without having to go through external blockchains and altcoins. In the near future, Symbiont’s group prepares to update Counterparty’s port of Ethereum, and make it all set for functional production.
The Counterparty software application suite has actually grown rapidly with more than 180,000 Counterparty transactions made, frequently making up a considerable fraction of day-to-day bitcoin deals. In addition, there have been 3 thorough security audits performed on the codebase.
Symbiont currently has actually raised significant interim funding, which will certainly be followed by a formal Series A round assets of favored stock.
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