Symbiont Issues First 'Smart Security'
Symbiont issued the first 'Smart Security' on the Bitcoin Blockchain yesterday at a private event. Symbiont is a Blockchain securities trading and settlement firm that utilizes the Counterparty protocol to offer financial products built on Bitcoin.
This first 'Smart Security' was executed using a smart contract in Bitcoin Block 368396, representing an equity security in Symbiont owned by investor SenaHill Partners LP. On Reddit Symbiont CTO Adam Krellenstein explained that "it [is] not proof of existence or even a token system, but a complete smart contracts ('Smart Securities') platform. If it were anything else, there'd be no automatic dividend payments, conversions, cap table management, etc."
Utilizing smart contracts integrated with the Counterparty protocol, these 'Smart Securities' will function like programmable, traditional securities that automate much of the manual back-office work that current systems require.
Overstock CEO Patrick Byrne Unveils Trading Platform TØ
Patrick Byrne, CEO of Overstock.com, unveiled his trading platform TØ at NASDAQ's headquarters in New York Tuesday night. Byrne first announced his initiatives in working on a Blockchain trading platform in October of last year, code naming the project "Medici".
Byrne announced that TØ will be a "ledger agnostic" trading and settlement platform that can be integrated using any decentralized ledger. Byrne announced the platform's Preborrow Assured Token, a financial product that he claimed was already getting attention from major banks.