Investment giant Vanguard has partnered with Nasdaq Ventures-sponsored Symbiont to develop a trading platform for the currency market.
Vanguard, which manages assets of $5.2 trillion, plans to reduce the transaction costs of currency transactions, which reach several trillion dollars a year, by activating P2P trading for investors and connecting them directly to the blockchain platform.
Mark Smith, Symbiont CEO, confirmed that the company has teamed up with Vanguard to create a currency trading blockchain platform. According to Bloomberg, the platform has been running for two months, and the first transactions were completed successfully.
“Vanguard is currently piloting a project focused on improving the efficiency and reducing risk of FX hedging,” a Vanguard spokesperson said. He also added that the new platform is part of the fund manager’s commitment to lowering the cost of investing for all investors.
Let us recall that this project is not the first collaboration between Vanguard and Symbiont. Vanguard began using the Symbiont smart contract platform at the beginning of last year.
Besides, earlier this year, Symbiont raised a $20 million Series B funding round. Nasdaq, Citi Ventures, Gala, Galaxy Digital, and Raptor Group were among the investors.
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Technical analysis of Ripple (XRP):
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