Gemalto Partners with Symbiont to Bring Smart Contracts in Big Finance

News and Analysis

Gemalto, a recognized world’s leader in digital security, announced its partnership with blockchain startup Symbiont, a leading company for implementation of the blockchain technology and distributed accountancy on capital markets.

The partnership is set to bring safe execution of smart contracts and other blockchain-based kinds of transactions to financial services provides.

Symbiont intends to employ SafeNet hardware security modules (HSM) by Gemalto to secure the transactions subjects and their block chains, as well as to prevent stealing, fraud, and other kinds of crime.

Symbiont employs a block chain of transactions to issue, manage, and trade various financial tools via an encrypted p2p network. Those tools known as smart securities are automatically applicable and executable contracts requiring less financial and time investment against classical transactions, which involve intermediary brockers.

Integration of those HSM’s is expected to provide perfect compliance and high trust to cryptographic subjects authorizing those transactions.

Louis Stone, Managing Director at Symbiont, said in a statement:

“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. The combination of Gemalto’s industry-leading HSMs and Symbiont’s smart securities delivers just that.”

Earlier this month, Symbiont closed an investment round which had brought it additional $7 million. With that investment, the company’s capitalization increased to almost $70 million. The startup originated in the Counterparty project, which in its turn earlier supported the Medici project by Overstock. Nowadays, Medici goes by the name T∅. Several developers left Medici to co-found Symbiont.

Netherlands-based Gemalto is the world’s leader in digital security. It provides its customers with first-tier shares, or so-called blue chips, in more than 180 countries around the world.

Gemalto’s 14 thousand employees work in 99 offices, 34 personalization and data processing centers, and 24 R&D centers and software development hubs in 46 countries. The company’s annual revenue in 2014 comprised €2.5 billion.

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