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Smart Contracts

Going private: STO marketplace picks Symbiont over public blockchains

A startup token sale platform is taking what seems to be a more conservative approach to the nascent new market. Templum announced Monday a partnership with blockchain firm Symbiont to leverage the company’s private Blockchain tech for its sales.
 
Templum’s business aims to unlock global access to prior illiquid and complex product structures, while facilitating the creation of new instruments entirely, like programmable shares. The new partnerships means the sales Templum already has conducted — outside the token for St. Regis Aspen’s sale which has now moved to Securitize — will trade on Symbiont’s private blockchain rather than Ethereum.
 
Symbiont, a financial services company developing enterprise blockchain solutions, counts industry names such as Citi, Nasdaq, and Vanguard as other partners, among others. 
 
The partnership comes at a time when lines are being drawn over smart contract platform capabilities. As a regulated broker-dealer with the SEC and FINRA, Templum Markets acts as a placement agent for the offering of unregistered private securities, and as such is held to higher performance and transparency requirements for mission-critical infrastructure. 
 
“We explored ERC20s, but as we looked at it more closely the mining activity looked more problematic,” said Christopher Pallotta CEO and Co-Founder of Templum.
 
“The technology infrastructure Symbiont has built is best in class,” he added, in a press release. The two partners believe its capabilities can help usher in a new era of capital issuance in a secure and transparent manner that’s also compliant from a regulatory perspective.
 
“There are a lot of people who are aspirational and throw around terms they don’t understand,” he added, speaking of the competition. “No one has the broker dealer,” he said. Templum is registered with FINRA, according to Broker Check. The token sale business, Pallotta noted, spans issuance, structuring of the deal, and of course the actual trading of the token.
 
“In terms of the rails and infrastructure, there are some people who have the pieces but no one can do the full life cycle.”
 
 
We’ve updated the story to reflect the fact that St. Regis Aspen coin has since moved from Templum to the Securitize platform.