Blockchain Startup Axoni Raises $32 million to Help Bring Blockchain to Big Business

Industry 1 min, 51 sec READ

by Chris Madill

Axoni has raised $32 million to help bring the power of blockchain and DLT to the world's largest financial institutions.

Axoni, an enterprise-focused blockchain startup, is making headlines for raising $32 million dollars during their Series B funding round. Notable investors include Goldman Sachs, Nyca Partners, J.P. Morgan, Digital Currency Group, Wells Fargo and CitiGroup. The startup looks to use the Series B capital to develop and complete works on their current projects, including a large effort to move the Depository Trust and Clearing Corporation's (DTCC's) $11 trillion Trade Information Warehouse onto a proprietary blockchain.

The investment from these notable financial institutions represents a two-fold investment in Axoni’s business, as many of the Series A and Series B investors are also direct clients of the company. As noted by CEO Greg Schevy, these big financial institutions are funding the future of their own enterprise infrastructure by investing in Axoni,

These are very strategic investors, [...] We have deep strategic and commercial engagements with most of them. / Axoni CEO Greg Schevy

Axoni’s services bring blockchain based infrastructure to the world’s largest financial institutions, helping institutions transition into the world of Distributed Ledger Technology (DLT),

Axoni’s suite of enterprise software supports integration of blockchain infrastructure into the complex systems already in place at the world’s largest financial institutions. Our tools for large-scale data management, deployment and monitoring automation, and development kits for distributed applications are readily available for client use. / Axoni Web page

With regard to the ambitious re-platforming of the DTCC’s Trade Information Warehouse, Axoni’s AxCore blockchain will provide a custom-built blockchain network that is designed to be interoperable with the Ethereum blockchain, effectively transitioning one of the world’s largest financial infrastructures over to Axoni’s suite of blockchain services, and greatly improving the efficiency of the DTCC’s Trade Information Warehouse platform.

Axoni and other private-enterprise focused projects are bridging the gap between traditional financial networks and blockchain technology, proving the technology that underpins the public blockchains of today could likely support the private networks of large financial firms in the near future.