NEW YORK, Aug. 30, 2016 /PRNewswire/ -- Symbiont, a pioneer in the use of smart contracts and distributed ledgers in financial markets, has appointed Caitlin Long as President and Chairman of the Board of Directors. Long will be responsible for commercializing Symbiont's market-leading blockchain technology, encompassing business strategy and client relationships.
Long brings 22 years of experience on Wall Street to Symbiont, including her most recent post as managing director in global capital markets at Morgan Stanley. Long has been involved with Bitcoin since 2012 and began evangelizing about the ability of blockchain technology to make financial markets more efficient in January 2014. She was one of five members of Morgan Stanley's distributed ledger technology working group, and was recognized by Institutional Investor as one of the most influential people in pensions for the past 3 years.
"Blockchain technology will make capital markets safer, fairer and more efficient," said Long. "I chose to join Symbiont because we have better technology and are ahead of our peers. Our network performance, described in a blog post we released today, is tangible evidence and it's multiple orders of magnitude better than competing systems. Symbiont offers the only smart contracts platform purpose-built for financial services. Investors will actually own the assets issued on Symbiont's blockchain, which is a huge improvement relative to how securities are owned today."
"Caitlin brings a rare mix of deep Wall Street experience and recognized thought leadership about blockchain technology. She is the embodiment of our name and brand," said Mark Smith, CEO and co-founder of Symbiont. "Caitlin has a strong philosophical and economic foundation that allowed her to build her career by always putting the needs of her clients first. She has repeatedly proven her ability to help clients see new ways to solve problems, and clients rewarded her with top market positions in every one of her businesses. We are thrilled that she's joining our team."
Symbiont is the technology partner for the State of Delaware's Blockchain Initiative (DBI), is partnering with Ipreo to revamp the $4.7 trillion syndicated loan market, and provided blockchain technology for a large European insurer's catastrophe swap pilot project in June 2016.
Symbiont is bridging the gap between the blockchain ecosystem and Wall Street. It has developed a platform that allows financial market participants to create programmable versions of traditional securities that take the form of Smart Securities™: self-executing digital contracts that are stored in a distributed ledger called a "blockchain." The platform allows users to issue, manage, locate, and trade Smart Securities™ efficiently in a single, global, peer-to-peer financial network. www.symbiont.io