Symbiont, the U.S.-based enterprise blockchain startup, filed for Chapter 11 bankruptcy at the start of the month. The holding company is backed by the likes of Citi, Nasdaq Ventures and Broadridge, with Vanguard as one of its biggest clients. As of the middle of last year, it had raised $43 million in funding.
In December 2021 it went into production with a solution that automatically calculates margins for foreign exchange (FX) forward contracts, one of the solutions it developed in conjunction with Vanguard. It also created a blockchain platform for private market securities in association with Nasdaq and another for asset-backed securities.
One of Symbiont’s biggest projects is with Lewis Ranieri, who popularized mortgage-backed securities. It involved creating a shared data solution to be used by the mortgage servicing industry, reaching the minimum viable product stage mid-last year. CEO Mark Smith claimed it would be the single largest blockchain application ever deployed with hundreds of thousands of lines of smart contract code.
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