A software company that provides blockchain services to some of the biggest names in finance has filed for Chapter 11 bankruptcy protection, amid a period of retrenchment for distributed ledger technology initiatives in finance.
Symbiont.io is a rare blockchain vendor that seemed to have earned the confidence of big banks and assets managers, with clients including American Century, Citi, Franklin Templeton, State Street and Vanguard.
A Symbiont spokesperson confirmed the bankruptcy: “Given current market conditions, we have decided to file Chapter 11 bankruptcy protection in an effort to pursue strategic business alternatives and maximise shareholder value.”
Vanguard, a key backer, had used its technology since 2017 to plug index data – such as which companies both in and out of the CRSP indexes – into its trading systems.
Last December, State Street and Vanguard completed the margin calculation…
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