DLT provider secures major bank funding

DLT provider Axoni’s has now raised over $20 million of funding following a financing round of $18 million from banks including JP Morgan and Goldman Sachs.
Distributed ledger technology (DLT) provider Axoni has completed an $18 million financing round, which saw participation from Goldman Sachs and JP Morgan

The financing round is being led by Wells Fargo and ICAP’s FinTech investment business, Euclid Opportunities. 

Additional participation has come from Thomson Reuters, FinTech Collective and Digital Currency Group taking Axoni’s total funding to over $20 million. 

“Axoni has developed proprietary smart contract technology and has successfully validated this technology in a variety of capital markets use cases,” said C. Thomas Richardson, head of market structure and electronic trading services at Wells Fargo Securities. 

“We have been impressed by the high-caliber team, their deep domain knowledge, and disciplined approach to product development. We are delighted to support Axoni in the next phase of their development,” 

In October this year Axoni organised a working group consisting of Citi, Credit Suisse and JP Morgan among others to complete tests for post-trade processing of equity swaps using blockchain technology. 

At the time Axoni said the test had demonstrated the “potential efficiency gains and cost savings” attainable by using blockchain to complete complex post-trade processes for equity swaps.

“We are delighted to have strategic support from global leaders in financial services,” said Greg Schvey, CEO at Axoni. 

“The changes already underway based on distributed ledger technology will have a profoundly positive impact on the industry. Axoni is excited to help drive that progress alongside our investors and clients.”