Symbiont, a leading smart contracts platform for institutional applications of blockchain technology, has announced a strategic partnership with Chinese software giant Hundsun Technologies Inc.
According to the official announcement, the partnership includes an investment by a division of Hundsun in Symbiont’s Series A-1 round. This marks Hundsun’s first investment in both the United States and in distributed ledger technology. The amount invested has not been disclosed yet.
“We selected Symbiont because of its superior, mature and highly differentiated DLT stack. Its data layer is protected by market-leading security and privacy solutions, and its smart contracts have a proven ability to automate complex business logic, such as highly tailored employee compensation waterfalls for private companies,” said Guan Xiaolan, executive president of Hundsun.
Hundsun is the leading fintech company serving China’s institutional securities, banking, and insurance industries. It is publicly traded on the Shanghai Stock Exchange, with market capitalization approximately CNY 24 billion.
Under this strategic partnership, Symbiont will bring its market-leading smart contracts software to Hundsun’s extensive customer base in China and Hong Kong, where the parties intend to streamline business processes in both public and private securities markets. Symbiont’s board of directors have also granted Hundsun a board observer seat.
“We are very pleased to have the backing of such a strong partner in Asia, and we look forward to working together on near-term opportunities,” said Mark Smith, CEO of Symbiont. “To have the support of such a prominent and respected partner is a clear vote of confidence for Symbiont.”
