Goldman Sachs, JPMorgan Among Group Funding Axoni Startup

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Reuters is reporting that its sources say Goldman Sachs and JPMorgan have joined with a group of financial firms to provide investment funding for New-York based tech company Axoni. The funding commitment is expected to be announced sometime this week, and will involve as much as $20 million in investment capital. Reuters sources reportedly asked to remain anonymous, as they had no authority to publicize the deal, and Axoni has refused to confirm or deny the report.

Axoni is currently working to assist financial institutions with the development of blockchain systems for their capital market activities, and has spent the last half of 2016 testing its solutions. That testing has involved experiments in post-trading processes for foreign exchange trades and credit default swaps. Just two months ago, Axoni completed a nine-company test that successfully used its blockchain software to handle post-trade OTC swaps processing. In early 2016, the startup partnered with ICAP on a foreign exchange blockchain test.

This investment move would be one more step in the Wall Street effort to capitalize on distributed ledger technology. Goldman Sachs’ investment is of particular interest, since it follows so closely on the heels of the banking giant’s exit from the R3 consortium.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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