Investment giant Vanguard has partnered with Nasdaq Ventures-sponsored Symbiont startups to develop a trading platform for the forex market.
Vanguard, which manages assets by $ 5.2 trillion, plans to reduce the transaction costs of currency transactions, which reach several trillion dollars a year, by activating P2P trading for investors and connecting them directly to the blockchain platform.
Symbiont CEO Mark Smith confirmed to Bloomberg that the company has teamed up with Vanguard to create a currency trading blockchain platform. According to the publication, the platform has been running for two months and the first transactions were completed on it.
“Vanguard is currently testing a project aimed at improving efficiency and reducing the problems of hedging currency risks,” said a spokeswoman for Vanguard, adding that the new platform is part of the company’s commitment to reduce the cost of investing for all customers.
Recall that this project is not the first collaboration between Vanguard and Symbiont. Investment company Vanguard began using the Symbiont smart contract platform at the beginning of last year.
In addition, at the beginning of this year, Symbiont successfully closed a fundraising round B, in which it raised $ 20 million. Among the investors were such giants of the financial industry as Nasdaq, Citi Ventures, Galaxy Digital and Raptor Group.
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