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Security token firm Templum has entered into a partnership with blockchain startup Symbiont as it plans to shift from public to private blockchains, CoinDesk reported.
Through this partnership, Templum will leverage and embed Symbiont's Assembly as their blockchain and smart contract technology for its regulated, end-to-end solutions for raising capital and secondary trading platform, Templum Markets.
Templum had previously left the choice of blockchain protocol up to the issuers, but this caused problems, Templum CEO Christopher Pallotta told CoinDesk. He explained that while many were opting for ERC-20 tokens that run on top of ethereum, the network’s scaling issues could have adversely affected trading during periods of high transaction volumes.
He said that private blockchains are better suited for securities issuance which will give “control of the full lifecycle.”
"The technology infrastructure Symbiont has built is best in class," Pallotta said. "Symbiont and Templum share a common vision for modernizing private markets. Forging a partnership to combine our innovations in the private markets is a natural next step and a goal we've been working towards for a long time."
The companies said that they have created a new market infrastructure for the private markets and smart securities.
Combining Templum’s expertise in private securities technology and regulatory infrastructure with Symbiont's blockchain technology will provide global investors with “greater access to capital, facilitate the creation of new financial instruments and create new liquidity with unprecedented levels of transparency and security,” the release said.
Pallotta told CoinDesk that the one thing that led them to choose Symbiont was the startup’s ties with Citigroup and Nasdaq, both of which backed the company’s recent $20 million Series B round.
“We are proud to announce our partnership with Templum, as our two firms are philosophically aligned to reinvent the marketplace for digital assets and smart contracts," said Mark Smith, CEO and Co-Founder of Symbiont.
