The announcement was formally unveiled at an event in New York today, during which the security was issued on the bitcoin blockchain.

Symbiont aims to provide services in the nascent cryptofinance sector, and traces its roots to both Overstock's Medici project as well as the Counterparty project. Several developers, originally working on Medici, left that initiative earlier this year and later established Symbiont.

Mark Smith, CEO and co-founder of Symbiont, said in a statement:

“We are proud to be on the leading edge of this blockchain and distributed ledger movement. With interest in distributed ledger technology growing rapidly, financial institutions are exploring how to leverage it to improve the efficiency and security of trading and processing financial transactions."

The launch comes more than a month after the startup raised $1.25m in seed funding. The company is seeking to close a Series A round before the end of 2015.

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