Wall Street Banks Pump In $32m To Fund Blockchain Startup

Blockchain technology has captured the interest of many financial institutions. This is why we are seeing top Wall Street Banks eager to pump in millions of dollars into startup firms dealing with the blockchain. Axoni, a blockchain startup founded back in 2013 recently announced that it has just finished its latest round of funding which has brought in over $32 million from leading Wall Street banks such as Goldman Sachs.

Axoni has been in business for five years now and has managed to forge several strategic partnerships that put the company in a good position. This round of funding should put money into the company to further expand and grow in the current market.

In a statement, Greg Schvey, CEO of Axoni, said

Our strategic partners have been critical to our success so far; we are delighted to strengthen and expand those relationships with this financing as we continue to deploy Axoni's technology

The company has plans to use the money raised to develop its AxCore platform. The platform is intended to help the next generation platforms that will operate in the multi-trillion dollar credit derivatives market. The aim is to work on AxLang, which is an Ethereum-based scripting language that will help run smart contracts.

Axoni

Besides the AxCore platform, Axoni also recently signed a deal with the Depository Trust and Clearing Corporation (DTCC). This company offers clearing and settlement services for deals totaling $1.6 trillion annually. Axoni's job is to create a distributed ledger where DTCC can move its entire database of trades.

Impressed Investors

Goldman Sachs was the leader of the funding round but the list of other investors comprised of some of the biggest names in the industry. This includes the Citi Group, JP Morgan and Wells Fargo. Alongside the big names, there were also the usual group of investors who are very interested in making blockchain investments. These include Andreessen Horowitz, Digital Currency Group, and Y Combinator.

Blockchain technology is slowly becoming a globally accepted industry standard, with its distributed ledger protocols being the most important thing they bring to the table. Axoni has been doing well to identify when and where blockchain technology should be implemented to maximum effect. This has impressed investors and drawn in more funding.

Axoni finished its Series A funding with $18 million invested into the company. That time, the funding round was led by Wells Fargo and the NEX Group. Combined with the current round of funding, the company has received $50 million in investments from top investors which has helped to further boost the Axoni brand.

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