Axoni completed a $32 million Series B financing round led by Goldman Sachs and Nyca Partners, bringing the enterprise blockchain tech firm’s total funding to $55+ million. Its AxCore technology has been deployed across a variety of markets ranging from complex derivatives to high-volume foreign exchange, and it has industry traction to re-platform the system underpinning the legal records, lifecycle events, and cash flow calculations for the $11 trillion credit derivatives market.
Goldman Sachs MD Ashwin Gupta said in statement that Axoni’s solutions can be used at scale across financial markets. Andrés Choussy, CEO, Traiana, a NEX Group business line, said that Axoni has “proven the ability of their technology to perform at the scale of the FX markets, and we look forward to further expanding our work with them – including with new asset classes – in the near future.” NEX co-led Axoni’s Series A in December 2016 via its fintech investment arm along with Wells Fargo.
C. Thomas Richardson, head of Market Structure and Electronic Trading Services at Wells Fargo Securities noted that the adoption of distributed ledger protocols in capital markets resembles the early days of adopting TCP/IP for distributed enterprise applications. Hans Morris, managing partner of Nyca Partners added that the blockchain fintech’s execution has been impressive with top tier partners.
Axoni will use the latest round of financing to enhance its data synchronization technology, expand its infrastructure products to support mission-critical deployments of AxCore, and broaden the network of enterprises leveraging distributed ledgers. It will also advance development of AxLang, the world’s first Ethereum-compatible smart contracting language to enable formal verification. The financing round also included participation from Andreessen Horowitz, Citi, Coatue Management, Digital Currency Group, F-Prime Capital, Franklin Templeton Investments, J.P. Morgan, NEX Group, Wells Fargo, and Y Combinator.