Citi has become the latest Wall Street giant to join a Series A funding round for Axoni, bringing the total amount raised by the distributed ledger technology outfit to over $20 million.
Citi joins a group of investors that includes Wells Fargo, NEX Group, JPMorgan, Goldman Sachs, Thomson Reuters, F-Prime Capital and Andreessen Horowitz.
New York-based Axoni has been at the forefront of a number of major trials of distributed ledger technology in financial markets, with Citi participating in several of them, including for affirmations and post-trade lifecycle processing for OTC equity swaps.
Citi also worked on an R3-led test of Axoni’s proprietary distributed ledger software for simplifying reference data processes. In addition, the bank is engaged with an Axoni-led overhaul of the DTCC's Trade Information Warehouse to handle post-trade processing of derivatives contracts over a distributed ledger framework
Greg Schvey, CEO, Axoni, says: "Having the support and domain expertise of a world-class institution such as Citi will allow us to execute our vision even more broadly and rapidly - we are delighted to have Citi join Axoni’s investor group."