20 April 2018
visit www.nextgenbanking.co.uk

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

20 December 2016  |  13083 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

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

R3 and Calypso to develop blockchain trade confirmation system

R3 and Calypso to develop blockchain trade confirmation system

29 November 2016  |  12372 views  |  0 comments | 13 tweets | 19 linkedin
R3 shakeout continues as Santander bows out

R3 shakeout continues as Santander bows out

22 November 2016  |  15991 views  |  0 comments | 20 tweets | 14 linkedin
Goldman Sachs leaves R3

Goldman Sachs leaves R3

21 November 2016  |  9192 views  |  0 comments | 9 tweets | 9 linkedin
Barclays and Citi test blockchain tech for equity swaps processing

Barclays and Citi test blockchain tech for equity swaps processing

18 October 2016  |  14216 views  |  0 comments | 26 tweets | 22 linkedin
JPMorgan leads $30m funding round for Cloud9

JPMorgan leads $30m funding round for Cloud9

12 October 2016  |  6077 views  |  0 comments | 2 tweets | 1 linkedin
Banks test blockchain for reference data management

Banks test blockchain for reference data management

20 September 2016  |  15087 views  |  0 comments | 21 tweets | 28 linkedin
Icap hails blockchain proof-of-concept as post-trade breakthrough

Icap hails blockchain proof-of-concept as post-trade breakthrough

15 March 2016  |  11578 views  |  0 comments | 21 tweets | 19 linkedin
Goldman and IBM join Digital Asset Holdings funding round

Goldman and IBM join Digital Asset Holdings funding round

02 February 2016  |  11082 views  |  1 comments | 13 tweets | 3 linkedin
Financial industry giants join $50m Digital Asset Holdings funding round

Financial industry giants join $50m Digital Asset Holdings funding round

21 January 2016  |  15575 views  |  0 comments | 13 tweets | 20 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit www.nextgenbanking.co.ukvisit www.ebaday.comVisit https://aciworldwide.webex.com

Top topics

Most viewed Most shared
Competing in an increasingly competitive spaceCompeting in an increasingly competitive s...
10833 views comments | 1 tweets | 2 linkedin
Revolut launches spare change savings toolRevolut launches spare change savings tool
9369 views comments | 14 tweets | 19 linkedin
Westpac and CommBank hit back at Aus Open Banking plansWestpac and CommBank hit back at Aus Open...
8550 views comments | 9 tweets | 8 linkedin
Barclays Bank sets up tech venture unitBarclays Bank sets up tech venture unit
8139 views comments | 16 tweets | 22 linkedin

Featured job

Find your next job