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Big banks prepare $20 million funding round for Axoni - Reuters

20 December 2016  |  12135 views  |  0 Benjamin franklink US Note

Goldman Sachs, JPMorgan and Icap are among a clutch of major financial institutions preparing to invest up to $20 million in blockchain startup Axoni, according to a report by Reuters.

Citing "people familiar with the deal", the newswire says the transaction is expected to be announced later this week.

New York-based Axoni has been at the forefront of a number of major trials of distributed ledger technology in financial markets. These include affirmations and post-trade lifecycle processing for OTC equity swaps in combination with Barclays, Citi, Credit Suisse, JPMorgan, IHS Markit and Thomson Reuters.

Citi, HSBC and Credit Suisse also participated in an R3-led test of Axoni’s proprietary distributed ledger software for simplifying reference data processes.

Icap, which already holds a stake in Axoni through its Euclid startup fund, has used the firm's technology to create a private, peer-to-peer, distributed ledger network for the execution of spot/forward foreign exchange block trades.

JPMorgan and Goldman Sachs hit the headlines recently for their indifference to the funding requirements of the R3-led consortium. However, both firms were represented in a February funding round for Digital Asset Holdings.

A similar deal with Axoni would signal an ongoing appetite among Wall Street's big beasts to remain at the forefront of the blockchain craze that is sweeping the financial services industry.
KeywordsFINDEX

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