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Symbiont partners with Gemalto to store and run smart contracts with heightened security

A New York-based FinTech startup, [Symbiont.io](http://symbiont.io), is bridging the gap between blockchain technology and traditional financial markets. The company is creating programmable versions of traditional securities.

A New York-based FinTech startup, Symbiont.io, is bridging the gap between blockchain technology and traditional financial markets. The company is creating programmable versions of traditional securities, called Smart Securities.

Generically known as "smart contracts", these instruments are programmable versions of traditional securities. They can be issued on any type of distributed ledger, such as a blockchain. Once a security is issued onto the ledger, it acts autonomously, meaning less admin and lower costs.

symbiont logo“Symbiont technology can aid the numerous other markets and asset classes that suffer from high administrative costs, excessive settlement times and / or reduced liquidity.”

  • Symbiont

The company issued the first Smart Securities on the Bitcoin blockchain in August 2015. “Smart Securities will ultimately change the way that financial instruments are issued, managed, and traded," the company CEO, Mark Smith, said at the time.

Smith is also the founder MathMoney f(x), a SenaHill Partners portfolio company. He co-founded Symbiont, in March 2015, with the founders of an independant blockchain company called Counterparty; Adam Krellenstein, Robby Dermody and Evan Wagner.

While the two companies are separate business entities, Counterparty is a core part of the Symbiont software stack. However, “we do not rely solely on the Counterparty protocol or the Bitcoin block chain,” Smith told Block Chain Inside Out. “Counterparty is a open source generic framework while Symbiont is a for profit company focused on developing the infrastructure to operate smart securities that will solve many real problems that torment traditional financial markets.”

Developing it’s infrastructure further, Symbiont recently partnered Gemalto, a digital security customer with €2.5 billion in revenue during 2014, and blue-chip customers in over 180 countries.

Symbionts live platform allows institutions and investors to issue, manage, trade, clear, settle and transfer a range of financial instruments on decentralized and distributed peer-to-peer financial networks that are cryptographically secured. Gemalto will be placing the Symbiont Smart Securities execution and storage environment on secure, cryptographically-enhanced Hardware Security Modules (HSMs).

gemalto"Bringing Gemalto’s market-leading HSM security modules assurance to Symbiont’s Smart Contract Blockchain solution is not only an exciting offering, but a clear step towards securing Blockchain-based transactions. We look forward to helping customers add trust to the emerging smart contracts space."

  • Mark Yakabuski, Gemalto Business Development Strategy Vice President

Symbiont will use Gemalto’s dedicated cryptographic processor on their SafeNet HSMs, which are specifically designed to “protect the cryptographic keys and provide encryption, decryption, authentication and digital signing services for the smart contract transactions,” according to Symbiont.

SafeNet is one of the largest dedicated digital information security companies in the world, protecting over 80% of world’s intra-bank fund transfers. They also serve more than 25,000 customers, both corporations and government agencies, in over 100 countries.

The company was acquired by Gemalto in January 2015, for US$890 million. Customers using SafeNet include Banamex, Bank of America, Cisco, Dell, Hewlett-Packard, Kaiser Permanente, Netflix, and Starbucks.

"No corners can be cut in securing information in the ‘distributed trust’ environment enabled by blockchain technology. To seize the opportunity in capital markets, each facet has to be best-of-breed."

  • Louis Stone, Symbiont Managing Director

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