Digital security giant Gemalto and Symbiont team up to improve blockchain securities trading security

Recently, digital security giant Gemalto announced a partnership with blockchain startup Symbiont to enable financial institutions to more securely execute transactions and smart contracts on blockchain-based platforms.

Under the agreement, Symbiont will use Gemalto’s SafeNet Hardware Security Module (HSM) to protect identities and transactions on the blockchain to prevent theft, document forgery and other illegal activities.

Gemalto said the hardware security module will protect the Symbiont platform by "securely managing, processing and storing" cryptographic keys. And the device is also protecting more than $1 trillion in financial transactions every day for some of the largest financial institutions.

In a statement, Gemalto explained that integrating its hardware security module guarantees "a high level of compliance and provides a high level of trust in the cryptographic identity authorizing these transactions."

Mark Yakabuski, Vice President of Business Development Strategy at Gemalto, said:

“Securing Symbiont’s smart contract blockchain solution with Gemalto’s market-leading HSM security modules is not only an exciting collaboration, but also a clear step forward in ensuring blockchain transactions are secure.”

Automation System

Symbiont uses blockchain to allow institutions and investors to more efficiently issue, manage and trade a range of financial instruments through this peer-to-peer encrypted network. Symbiont calls it "smart securities," self-implementing, self-executing contracts that can save costs and time compared to the old system.

Once a security is issued onto Symbiont’s distributed ledger, it can be executed automatically, without the need for traditional manual execution.

Symbiont was founded in 2014 and is headquartered in New York. It has about 10 employees and focuses on developing blockchain technology for capital markets. In June 2015, Symbiont received $1.25 million in investment and issued its first smart securities using blockchain shortly thereafter. In January this year, Symbiont completed a new round of $7 million in financing, and it is reported that the company's current valuation has reached $70 million.

Original article: http://www.coindesk.com/blockchain-symbiont-security-gemalto/
By Daniel Palmer
Translator: printemps
Editor: printemps
Source (translation): Babbitt Information (http://www.8btc.com/symbiont-gemalto)