Blockchain solution developer Symbiont has partnered with Ranieri Solutions, a FinTech investment firm.
This partnership was formed to explore opportunities to combine the mortgage industry with blockchain technology. Through Ranieriâ€™s knowledge of the mortgage industry, Symbiont hopes to deploy its blockchain networks within the space.
Symbiont develops smart contract applications for institutional blockchain technology, helping to build a unified ledger for sharing business logic and market data. Clients can use the system to share data confidentially, automate various manual and back-office processes, lower data loss and increase transparency with cleat audit trails.
Institutions can also use the platform to support electronic issuance, allocation and trading to lower risk.
Ranieri Solutions founder Lewis Ranieri said, â€œThe mortgage market, despite significant efforts, continues to lag behind from a technological standpoint creating inefficiencies that impact mortgage loans throughout their life cycle.
â€œBy partnering with Symbiont, a proven blockchain pioneer, Ranieri Solutions believes that together we can implement this transformative technology to bring necessary efficiencies, transparency, and security to the mortgage markets.â€
Last year, Symbiont completed a strategic partnership with Hundsun Technologies, a financial software and network developer. The transaction also came alongside an undisclosed Series A-1 funding round.
Last year, the blockchain sector saw a huge rise in interest with $851m more capital being deployed in 2017, compared to 2016, according to data by FinTech Global. While there was a colossal rise in funding, there was only one more deal completed in 2017.
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