Just a few weeks before its FinDEVr debut, blockchain technology innovator Symbiont announced a unique partnership with financial services firm, Ipreo. Symbiont’s smart contract technology will be integrated with Ipreo’s loan settlement platform to create a new fully automated settlement business.
The new business has yet to be named, but it already has its leader. Joe Salerno, current head of loan trade settlement at Ipreo will take the top spot, with Symbiont co-founder Robby Darmody named COO.
Mark Smith (right) co-founder and CEO of Symbiont said, “There’s a lot of talk about blockchain but little evidence yet of digital transformation on the front lines, so it’s great to lead the way.” Calling Ipreo a “perfect partner,” Smith said the company “has an established track record and already plays a vital role in the smooth operation of the loan markets.”
Ipreo’s President and COO, Kevin Marcus, added “With LTS, we addressed the legal and process problems that have plagued loan trade settlement. Our joint venture with Symbiont marries this solution with the transformative power of blockchain technology.”
Symbiont has leveraged its expertise with blockchain technology to create Smart Securities, self-executing digital contracts that are stored in a blockchain. Through its partnership with Ipreo, Symbiont will develop ‘SmartLoans,” the first time the technology has been applied to the loan market. SmartLoans digitize and automate the settlement processes, reducing errors, saving money, and increasing transparency. And since the securities exist in a distributed ledger, statuses and updates can be shared securely and instantly. “This business will benefit the entire syndicated loan market,” said Salerno, “from issuers through investors and regulators.”
Founded in 2015, Symbiont is headquartered in New York City. The company began the year with a $7 million capital infusion, and includes Atlantic Merchant Capital and Celeridem Capital Management among its current investors. Symbiont will make its FinDEVr debut at FinDEVr New York 2016, March 29 and 30. For more information about our upcoming developer’s conference, visit our FinDEVr New York page.