Citi has joined the Series A funding round for Axoni, a provider of distributed ledger technology to the financial services industry, bringing the total amount raised to over USD20 million.
Citi joins other Series A investors, including Wells Fargo, NEX Group, JP Morgan, Goldman Sachs, Thomson Reuters, F-Prime Capital, Andreessen Horowitz, DCG, and others.
Axoni and Citi have collaborated on a number of high-profile distributed ledger deployments that have validated the technology and its benefits of data synchronisation, automation, and auditability to market participants.
Projects to date include the optimisation of post-trade data management for credit default swaps and equity swaps, as well as the collaborative management of reference data among industry participants.
Citi continues to be actively engaged in various live projects with Axoni, including the re-platforming of the DTCC Trade Information Warehouse, which seeks to further streamline, automate, and reduce the cost of derivatives processing across the financial services industry.
Axoni was also recently selected as the provider of distributed ledger technology for post-trade data management in NEX Group’s Harmony network, the world’s leading connectivity provider for foreign exchange trade data between prime brokers and their clients.
“Having the support and domain expertise of a world-class institution such as Citi will allow us to execute our vision even more broadly and rapidly – we are delighted to have Citi join Axoni’s investor group,” says Greg Schvey, CEO of Axoni.