Led 25

Wall Street Invests $20M to Bridge Blockchain With Capital Markets

Despite the bear market, and rising camp of naysayers predicting Bitcoin’s demise, Wall Street is steadily plowing funds into crypto. The latest blockchain company to catch investors’ eyes is Symbiont, a New York startup bringing blockchain tech to capital markets.

2019 The Year of Institutional Investment

Bitcoinist reported yesterday that Nasdaq is positively bullish on bitcoin. Ahead of Davos, Nasdaq CEO Adena Friedman stated unequivocably that cryptocurrencies would play an important role in the future. She even predicted that bitcoin could become a global currency.

Now the world’s second largest stock exchange Nasdaq Ventures initiative is taking the lead in Symbiont’s series B funding round. Along with Citigroup, and other high-name investors including Mike Novogratz’s Galaxy Digital Holdings Ltd, they’re investing $20 million.

This vote of support in Symbiont shows that Wall Street is still anxious to make its way into the cryptocurrency space. Despite a torrid 12 months with as much as 90 percent of value wiped off of some altcoins.

Blockchain Technology Called into Question

According to Symbiont CEO Mark Smith, this much-needed backing from Wall Street comes not only during the crypto winter but at a time when blockchain technology is being called into question as well.

After an overhyped 2017, 2018 left people’s expectations deflated like a helium balloon after a children’s party. Smith told Bloomberg that we were now entering a much more “realistic phase” about what blockchain can and cannot do.

We are leaving the peak of the hype cycle and entering the trough of disillusionment, especially for people who inappropriately applied this technology hoping it would become a panacea for solving all their problems.

From finding a cure to cancer to eradicating corruption in the supply chain, blockchain was the solution. However, it’s becoming clear that while the technology is undoubtedly important, its uses are limited–for the current time.

What Makes Symbiont a Good Bet?

Symbiont’s smart contract platform Assembly allows financial institutions to verify and share data. By using smart contracts, the company aims to make the mortgage bond market more efficient. It also plans to speed up times for syndicated loans.

As well as the backing of Nasdaq, Citi, Novogratz, and Jim Pallotta’s Raptor Group Holdings, Symbiont has also teamed up with Vanguard Group Inc.

This will be an important partnership that will enable investment giant Vanguard to apply blockchain tech to update the index data behind mutual funds.

Symbiont will use the funds to improve their data management process and work on private equity, mortgages, and syndicated loans.

And as for Nasdaq? The world’s second largest stock exchange will be looking into opportunities to capture new clients who want to tokenize assets and use smart contracts through Symbiont’s Assembly platform. Watch this space.

Will this latest cash injection materialize for the Wall Street investors? Share your thoughts below!

Images courtesy of Shutterstock

Úno 22

Joint Biometric Security Collaboration Aims To Protect Financial Services

Source: bitcoin


Security is of great importance to the world of Bitcoin and blockchain technology, and strategic partnerships will bring more legitimacy to this industry. Gemalto, a company, working on security solutions who recently partnered with Symbiont, has introduced their biometric security platform. The primary goal is to deploy this new feature in consumer-grade electronics shortly, which would impact Bitcoin adoption.

Also read: Sony Aims to Reshape Education with Blockchain Technology

Gemalto Focuses on Biometric Security

Consumer electronics need to be protected properly, and username and password combinations are a thing of the past. Particularly where payment solutions in the financial sector are concerned, improved security features can play a big role in safeguarding consumer details.

Biometric features can become the new norm in the field of security, and Gemalto will demonstrate their new technology by using a smartwatch with a fingerprint sensor. In fact, this demo will be a joint collaboration between Gemalto, Fingerprint Cards, Precise Biometrics, and STMicroelectronics. Coming up with a biometric solution is not an easy feat, as the collective expertise of all of these companies can create a potent feature.

This biometric security solution works by combining a fingerprint sensor with fingerprint software and a secure NFC solution based on low power microcontrollers. By the look of things, this new security feature will not be compatible with most of the existing consumer electronics in existence right now.

That being said, this biometrics solution will remove the complexity of using various username and password combinations for different platforms. One universal verification procedure to access any service or platform the end user will ever use sounds great on paper, but it remains to be seen if such a solution is feasible in reality.

Linking an individual fingerprint to the end user’s biometrics will be the key challenge to overcome for this collaborative effort. But perhaps the biggest challenge will be how the details will be stored, as no technical details were revealed. This is where distributed ledger technology could come into the picture.

Using The Blockchain For Data Protection

Assuming this joint biometric collaboration by Gemalto and partners works efficiently, there is a new security factor to take into consideration. If consumers will be able to use fingerprint scanning and biometrics for all of their services and platforms, storing all of this data becomes even more important than it was ever before.

Storing this vital consumer information on a decentralized ledger such as the blockchain seems to be the obvious choice. Gemalto has already partnered with blockchain startup Symbiont.io in recent months, so the company knows what this technology is capable of. Centralized data storage solutions are out of the question where biometrics are concerned, as going down that path will only invite hackers to breach the databases.

Another question that arises is whether or not biometric security can affect Bitcoin usage all over the world. Nearly every wallet solution available today uses a pin code or passphrase to provide additional security, which is not all that secure to begin with. Biometrics could play an interesting role in this regard as the tehcnology matures.


What are your thoughts on using biometric security? Will it affect Bitcoin usage in the future? Let us know in the comments below!

Source: Gemalto

Images courtesy of Gemalto, Shutterstock

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Joint Biometric Security Collaboration Aims To Protect Financial Services