Citigroup and Nasdaq invest in blockchain startup Symbiont.

[Paha87]

Citigroup and Nasdaq are part of the group of companies that invested in Symbiont.io Inc, which raised $ 20 million. Among other investors the Bank was Mike Novogratz, Galaxy Digital Holdings.

The Symbiont blockchain platform, Assembly, will be used only in capital markets. It is expected that the proposal allows financial institutions to share data and to check them, and also uses smart contracts to accelerate the maturity of syndicated loans and optimization of markets for mortgage bonds.

According to the Bloomberg article, Symbiont will use these funds to work with private equity, mortgage data and syndicated loans. Nasdaq will also explore new ways to use Assembly with customers who want to tokenize assets or use smart contracts.

Symbiont CEO mark Smith said in an interview that the blockchain and crypto space are maturing:

We are entering a much more realistic phase where people look at this technology and think seriously about where it makes sense to apply it and where it doesn't. We are leaving the peak of the hype cycle and entering a period of frustration, especially for people who have improperly applied this technology, hoping that it will become a panacea for all their problems.

In November 2018, a Forrester Research report found that some companies had stopped using the term "blockchain" because they thought it was overloaded with meaning. Analysts have allegedly found that companies have started to withdraw " blockchain "in favor of" distributed Ledger technology " (DLT).

A review of MIT technologies recently showed that the technology will become less hyped and more normalized in 2019. The review says that many "innovative projects are still alive and even close to bearing fruit" in the new year. Thus, along with the plans of several large corporations to launch large blockchain-based projects this year, 2019 will be "the year when blockchain technology finally becomes normal."

While investments by Nasdaq and Citigroup show that some major institutional players are still interested in the blockchain sphere. Another Bloomberg article claims that wall street has postponed its plans for cryptocurrency; large firms are abandoning plans to enter the crypto-sphere as prices remain too volatile.

Anonymous sources from Goldman Sachs, familiar with the cryptocurrency business, told Bloomberg that the firm's progress was too slow to be noticeable. They added that until now, CryptoPhone company attracted only 20 clients.

LINK - https://altstake.io/news/citigroup-i-nasdaq-invetiroali-v-blokcheyn-startapsymbiont