Vanguard to Create a Blockchain Platform with Symbiont for $6 Trillion Forex Market

Vanguard, a mutual fund giant of the financial industry, has started a partnership with Symbiont, a company backed by Nasdaq Ventures. Together, these two firms are set to develop a $6 trillion currency market platform focused on forex trades.

The main idea of the platform is to lower costs. Vanguard manages $5.2 trillion USD for very wealthy clients and it wants to decrease transaction costs without cutting its profits, so using the blockchain is a pretty good idea.

The CEO of Symbiont, Mark Smith, affirmed that the platform has been operational for around two months and that some of the first trades were already. Despite the progress, the platform was still not properly launched, as there are still some tweaks to be made.

Symbiont, which was founded in 2013, has raised over $35 million USD. The company had a seed round in 2014, a Series A in 2017 and recently a Series B round, in which it was able to raise over $20 million USD.

A spokesperson from Vanguard affirmed that the company is currently piloting the project to improve the efficiency of forex trades and reduce risks, which could help it to provide a much more efficient service. If the project is successful, it will certainly be an important milestone for Wall Street, as there is no similar platform at the moment.

The two companies have already worked together before. The two developed an index fund back in 2017 that would streamline the process of data collection using smart contracts.

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Gabriel Machadohttps://bitcoinexchangeguide.com/
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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