Citigroup and NASDAQ are among a group of corporations investing $20 million dollars in Symbiont.io Inc, Bloomberg reports on January. 23. Other investors reportedly include mike Novogratz’s crypto-focused merchant bank, Galaxy Digital Holdings.

Symbiont’s blockchain and smart contract platform, Assembly, are going to be applied in capital markets. The offering supposedly permits monetary establishments to share and verify information, and uses smart contracts to accelerate settlement times for syndicated loans and streamline mortgage bond markets.

According to Bloomberg, Symbiont can use the funds to figure on private equity, mortgages, information management, and syndicated loans. NASDAQ also will examine new opportunities to use Assembly with clients that need to tokenize assets or use smart contracts.

Symbiont chief executive officer Mark Smith told Bloomberg in an interview that the blockchain and crypto space is maturing:

“We are entering a far more realistic part where individuals look at this technology and assume seriously about where it is smart to use it and where it doesn’t. we are deed the peak of the hype cycle and getting into the trough of disillusionment, particularly for folks that inappropriately applied this technology hoping it'd become a panacea for solving all their issues.”

In Nov 2018, a report from Forrester research found that some firms were stopping to use the term “blockchain” as a result of they thought it was overhyped. Analysts supposedly found that firms began to withdraw “blockchain” in favor of “distributed ledger technology” (DLT).

The MIT Technology Review recently expressed that the technology can settle down hyped and additional normalized in 2019. The Review states that a lot of “innovative-sounding projects are still alive and even near bearing fruit” in the new year. along with many giant corporations’ plans to launch major blockchain-based projects this year, 2019 is therefore reportedly set to be “the year that blockchain technology finally becomes normal.”

While investment from NASDAQ and Citigroup shows that some major institutional players are still curious about the blockchain space, another recent report from Bloomberg claims that Wall Street has delayed its crypto plans. Major corporations are reportedly scrapping plans to enter the crypto space as prices still waver.

Anonymous sources familiar with Goldman Sachs’ crypto business told Bloomberg that the firm’s progress has been too slow to be noticeable. They added that the company’s crypto non-derivative funds have solely attracted only 20 purchasers to date.

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