NEW YORK--(BUSINESS WIRE)-- Symbiont, a pioneer in the use of smart contract technology for institutional financial markets, has been awarded the 2017 Buy-Side Technology Award for Best Distributed-Ledger Technology Project by Waters Technology. Last year, Symbiont also won the inaugural award in this category.
Judges included five buy-side focused technology consultants and four Buy-Side Technology journalists, and they used an auditable and transparent methodology to recognize leading technologies and vendors in award categories.
“Thank you to the judges for recognizing that Symbiont’s platform adds value to the buy-side specifically, since it is a founding principle of Symbiont to partner with the buy-side to upgrade settlement processes in capital markets via blockchain and smart contracts,” said Mark Smith, CEO & co-founder of Symbiont. “Symbiont’s platform is especially fair to the buy-side because it is truly decentralized, which means all network nodes are equal and no nodes have any advantages over others. Because there are no gatekeepers in Symbiont networks, the balance of power is fair to everyone and we appreciate the buy-side recognizing the value of this.”
“We are honored that the buy-side has recognized us in this way,” said Caitlin Long, Chairman and President of Symbiont. “We believe the buy-side—particularly the long-only buy-side—is the biggest beneficiary of blockchain technology because it cuts costs, latency, capital requirements and counterparty risk, and these are costs that the buy-side is increasingly shouldering today.”
Over the past year, Symbiont has provided the technology behind several major blockchain projects. Publicly-disclosed major projects include the 19-party pilot for syndicated loans (via Synaps, its joint venture with Ipreo) and the Delaware Blockchain Initiative.
Symbiont is the market-leading smart contracts platform for institutional applications of blockchain technology. Disclosed users of its platform include nineteen financial institutions for Smart Loans™, arranged by Credit Suisse and executed via Synaps, its syndicated loans joint venture with Ipreo; the State of Delaware for Smart Records™; a major European insurance company for Smart Swaps™ in the catastrophe insurance market; Orebits, a provider of asset digitization services; PrivateMarket.io, an alternative assets platform; and Medici Ventures, a blockchain-focused venture firm.
For more information, visit symbiont.io