Elizabeth Stark, Lightning Labs CEO stated earlier this year that, the society may be entering a “bitcoin not blockchain” world, but the global banking camarilla isn’t set to enumerate on its back-up for enterprise blockchain products just yet.
An enterprise blockchain startup, Axoni founded in 2013, recently finished a $32 million Series B funding round led by a number of Wall Street’s largest financial institutions.
As was announced on Tuesday, Goldman Sachs and Nyca Partners and featured investments from big financial industry firms such as Wells Fargo, JPMorgan, Citigroup, and Franklin Templeton led the funding round. More conventional blockchain investors, including Digital Currency Group, Andreessen Horowitz, and Y Combinator were also included in the funding round.
“Our strategic partners have been critical to our success so far; we are delighted to strengthen and expand those relationships with this financing as we continue to deploy Axoni’s technology,” CEO of Axoni, Greg Schvey stated.
Axoni intends to apply its new capital to enhance the development of its AxCore platform, which is planned to give support from below to the next generation of platforms that work in the $11 trillion credit derivatives market. From this angle, the firm intends to focus place on building out AxLang, an Ethereum-compatible smart contracts scripting language established to facilitate formal verification.
“The adoption of distributed ledger protocols in capital markets resembles the early days of adopting TCP/IP for distributed enterprise applications,” stated by Thomas Richardson, head of Market Structure and Electronic Trading Services at Wells Fargo Securities. “We continue to be impressed with Axoni’s ability to facilitate such adoption by identifying use cases that could benefit from blockchain technology.”
A major partnership has been signed already with the Depository Trust and Clearing Corporation (DTCC), which issues post-trade clearing and settlement services and processes $1.6 quadrillion worth of transactions every year. According to Forbes’ reports, the New Jersey-based DTCC has engaged Axoni to build it a blockchain-based distributed ledger to which it can transfer its Trade Information Warehouse.
In 2016, a report from CCN revealed that Michael Bodson, DTCC CEO stated that the initiation of blockchain technology left the firm with a “once-in-a-generation opportunity to modernize the post-trade environment.”
Prior to that, Axoni gained $18 million in a Series A funding round headlined by Wells Fargo and NEX Group, a total of $55 million has now been raised by the company.