Thursday, September 1, 2016

Blockchain Startup Symbiont Adds Ex-Morgan Stanley Director


Former Morgan Stanley managing director Caitlin Long has joined blockchain startup Symbiont as president and chairman of the board.

The New York-based blockchain firm, which is seeking to advance capital markets blockchain applications in syndicated loans and OTC derivatives, announced the hiring today. With the move, Long brings expertise honed during tenures at both Morgan Stanley and Credit Suisse, including time spent on the former firm's distributed ledger working group.

In statements, Long revealed she has also completed an undisclosed investment in Symbiont as part of its still-ongoing Series A, first rumored in early 2016. Further, she used the platform to promote what she believes are the strengths of the company's technology.

Long wrote:

"Ours is the only smart contracts platform that was purpose­built for institutional financial markets. We're ahead of our peers in the race to build production-­ready software, because it's already going into production."

Overall, Long sought to position the company as one that is currently able to offer a working smart contracts platform, scalable blockchain technology and a team that is capable of executing on strategies in line with those of enterprise firms.

Founded in 2014 by CEO Mark Smith and Counterparty creators Adam Krellenstein and Evan Wagner, Symbiont has so far raised more than $1.25m in funding and boasts more than 10 employees.

Its most notable announcement came in May of this year, when it revealed it was working on a pilot project with the state of Delaware.

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