FinTech Symbiont believes asset managers have historically been boxed out of innovation, so it is working with giants like Vanguard to leverage cutting-edge distributed ledger technology for long-term efficiencies.
The goal of the three firms is to bring post-trade workflow automation and efficiencies while significantly reducing counterparty credit risk through blockchain technology.
Industry heavyweights Vanguard, BNY Mellon, Franklin Templeton, and State Street completed a pilot to trade FX forwards using DLT.
Symbiont has previously worked with Vangaurd to simplify its index data sharing processes using blockchain technology.