Bitcoin is the first example of a fully decentralized, digital payment network. With Bitcoin, payments are frictionless and irreversible. The real innovation behind Bitcoin however is the blockchain: a distributed, unambiguous and transparent accounting ledger.
Recent developments have shown that blockchains can be used not merely for payments, but also to create a complete, decentralized network for storing, tracking, and transferring value of any sort. Symbiont leverages these advancements to provide peer-to-peer equivalents to traditional financial instruments. Services which until now have required third-party intermediation, such as escrow, clearing and settlement, are handled by Symbiont’s software, thereby dramatically increasing efficiency, eliminating counterparty risk and minimizing accounting errors. And because transactions are recorded on the blockchain, they can be reviewed by anyone in real time, providing unprecedented transparency.
The team behind Symbiont has extensive experience with blockchain technology, and a history of working with regulators and major financial institutions to design and integrate disruptive technology. We will use this experience to build products tailored to the high-impact opportunities we have identified in mainstream financial markets.