The New York-based capital markets technology firm Axoni announced the closing of a $31 million equity financing that included banks like Deutsche Bank, Intel Capital, and UBS.
These additions to the list of investors, which already included Citi, Goldman Sachs, HSBC, J.P. Morgan, Nyca Partners, and Wells Fargo, have raised the total funding achieved by Axoni since its inception to a staggering $90 million.
While blockchain technology was seen as a threat to the financial industry some years ago, financial institutions have started exploring and integrating the technology in their platforms to reduce costs and improve security.
Natalie Horton, Global Head of Capital Markets Financing at UBS, referred to the investment by stating:
“Axoni are proving themselves to be a market leader in providing technology solutions in a digital world. We are excited to partner with them to drive solutions to benefit the future of our industry, such as enhancing our front-to-back client experience and delivering operational efficiencies.”
According to experts, the $31 million investment is expected to save the capital market billions of dollars over the next few years.
An Example of Success
Axoni was founded to build and implement blockchain technology to overhaul the global capital markets infrastructure by providing workflow automation, enterprise infrastructure, and distributed applications.
In January of 2017, the company partnered with the Depository Trust and Clearing Corporation (DTCC) by providing them with the platform to move its $11 trillion Trade Information Warehouse for credit derivatives swaps to the
In February of 2020 Citi and Goldman Sachs announced they successfully used Axoni’s blockchain to complete the first blockchain equity swap, an important milestone in the industry and for the startup. Three months later, the Options Clearing Corporation, announced it would move $72 billion in equities to the network.
Ever since the company has continued growing and…