New York-based blockchain startup Axoni has raised $18m in a new funding.
Axoni is one of a number of startups in the blockchain and distributed ledger space seeking to provide services to major financial firms. In the past few months, the startup has tested smart contract and data management applications.
The Series A round was led by Wells Fargo and Euclid Opportunities, a fintech investment firm owned by financial services company ICAP. Goldman Sachs, JP Morgan, and a group of other financial institutions also took part in the round.
The Axoni deal represents the latest Wall Street effort to gain traction with blockchain. Blockchain is first emerged as the system underpinning digital currency bitcoin. The technology creates a shared electronic ledger that allows all parties to track information through a secure network, with no need for third-party verification.
In October, Axoni announced that nine firms including Barclays Plc, Credit Suisse Group AG and JPMorgan had conducted a successful test using its blockchain-based software on post-trade processing of over-the-counter-swaps. The group also included Thomson Reuters Corp, the parent company of Reuters.
Earlier in the year, Axoni worked with ICAP to test a blockchain service for foreign exchange. And with another group of firms to run post-trade processing for credit default swaps.
Source: Reuters (19 Dec)
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