Counterparty Developers launch Symbiont

Counterparty, in collaboration with MathMoney f(x), has unveiled a new project Symbiont, to use their protocol for smart securities markets. At present it ranks 14th in market cap, worth $4 million.

There are "severe infrastructural problems associated with the emerging math-based currency trading ecosystem." Mark Smith, MathMoney's founder and CEO, said. "After studying the intricacies of the blockchain over the last few years and working with Counterparty on a separate project it became clear that blockchains in general, and Counterparty specifically, could solve long standing, previously intractable problems that exist in modern financial markets. This epiphany made the decision to join forces with the Counterparty team a logical one."

The company plans to incorporate features like built in escrow and clearing, as well as automated corporate actions, its website said.

The price of Counterparty's currency, XCP, has dropped by more than 80% since its peak seen last November and at present one XCP is currently worth 0.005 BTC, or $1.50.