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

20 December 2016  |  11703 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.
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