Symbiont has raised $1.25 million in funding from ex-NYSE EuroNext CEO Duncan Niederauer and ex-Citadel Trading Head Matt Andresen. Symbiont aims to leverage blockchain technology to improve the trading and settlement of securities.
Symbiont, a U.S.-based company that uses so-called blockchain technology, has raised $1.25 million in funding from prominent U.S. financial professionals, the company said on Tuesday. The blockchain is bitcoin's main technological innovation, allowing users make to make instant, anonymous payments, and without government regulation. Early investors in Symbiont include Duncan Niederauer, former chief executive of NYSE Euronext Inc, and Matt Andresen, former trading head at hedge fund Citadel and now co-chief executive officer of Headlands Technologies. Dan Tierney and Stephen Schuler, founders of a high-frequency trading firm formerly known as Getco, have invested as well through Wicklow Capital, the company said. The other investors were Scott Carmilani, the chairman and chief executive officer of Allied World Assurance Company, and Celeridem FinTech Fund. A "Series A" round of institutional investment is expected to close in the third quarter, Symbiont said.