Banks will Likely Remain at Helm of Blockchain Finance Evolution says Mark Smith, chief executive of Symbiont.io

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Banks will likely remain in charge of Blockchain finance evolution says Mark Smith, chief executive of Symbiont.io, adding that his company is not just disrupting but also enabling.

That’s according to news from Reuters covering their own event called The Future of Money: Cashing Out on Cash held in NYC on November 12, 2015.

“Regulation keeps them in place. Regulation requires them to perform certain functions,” said Mark Smith, chief executive of Symbiont.io, a startup that has emerged from Bitcoin 2.0 and MathMoney f(x) Inc to build a securities trading platform using blockchain technology like that behind bitcoin.

Smith predicted that big banks, such as JPMorgan Chase & Co, would adopt new technologies to cut costs for back offices that process loans and match buyers and sellers of securities.

“A massive amount of infrastructure just goes away,” said Smith, who was speaking on Thursday in a panel discussion held by Thomson Reuters on innovation and disruption in financial services.

Read full article at Reuters here. 

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Founder of Blockchain News and The Hackitarians Foundation, Richard Kastelein is an award winning publisher and editor, hackathon organiser and entrepreneur. He has written over 700 articles at Blockchain News, has a massive network in the Blockchain arena and is available as a speaker and consultant. (richard@the-blockchain.com) Kastelein has spoken (keynotes & panels) on technology at events in Amsterdam, Barcelona, Belfast, Berlin, Brussels, Brighton, Copenhagen, Cannes, Cologne, Curacao, Frankfurt, Gdansk, Hollywood, Hilversum, Geneva, Groningen, London, Las Vegas, Leipzig, Madrid, Melbourne, NYC, Oxford, Rio de Janeiro, Sheffield, San Francisco, San Jose, Sydney, Tallinn, Vienna, and Zurich. A Creative Technologist & Canadian (Dutch/Irish/English/Métis) his career began in the Native Press (Canadian Arctic) and he later spent a decade in the Caribbean media. Currently, he writes occasionally for Wired Insights, Guardian & Virgin and his articles have been translated into Dutch, Greek, Polish, German & French.