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15 August

New York-based startup Axoni attracted $32 million in the funding round series B. The main investor of the project became one of the world's largest investment banks Goldman Sachs (TOCOM: GS) and the venture capital firm Nyca Partners.

The well-known companies JP Morgan (NYSE: JPM), Andreessen Horowitz, Citi, Wells Fargo (FWB: NWT), Y Combinator and Digital Currency Group also took part in the financing. The total investment in the company amounted to $55 million.

In 2017, the banking company Citi invested in Axoni $20 million before the startup received an additional $18 million from a number of financial companies and investors, including Goldman Sachs.

In November 2017 a group of financial companies, including JPMorgan Chase, Goldman Sachs, BNP Paribas, Credit Suisse and Citi, held an exchange of securities through a system based on the blockchain technology. The trial used the AxCore platform, developed by the Axoni start-up. The participants in the pilot project concluded that when all parties of the transaction use identical and unalterable data, payments can be processed faster since they require fewer approvals and exclude the possibility of disputable moments.

A month earlier, Goldman Sachs and Citi were among the top three investors in the blockchain projects.

Earlier this May, JP Morgan announced that they will pursue development in the cryptocurrency direction.

WHY IS IT IMPORTANT?

  • The Axoni startup creates blockchain-based solutions for financial corporations. The received funds will be directed to the development of data synchronization technology, the language of AxLang smart contracts and new products based on AxCore network.
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