Banking giant HSBC has invested $4 million in New York-based blockchain startup Axoni. The investment is part of Axoni’s Series B funding round, bringing the total amount raised in the round to $36 million. Other investors include Goldman Sachs, NYCA Partners, Andreessen Horowitz, Citi, Coatue Management, Digital Currency Group, F-Prime Capital, Franklin Templeton Investments, JP Morgan, NEX Group, Wells Fargo, and Y Combinator.
Axoni serves the world’s largest financial institutions and capital markets service providers with full stack blockchain solutions. The company’s product offerings include distributed ledger technology deployments, bespoke smart contract development and analytics tools.
The latest round of financing will be used to enhance Axoni’s data synchronization technology, expand its suite of infrastructure products to support mission-critical deployments of AxCore, and broaden the network of enterprises leveraging distributed ledgers. It will also be used to further develop AxLang, a new programming language that supports functional programming and enables formal verification of smart contracts for ethereum-compatible networks.
“We are delighted to have the support of HSBC. Their unique combination of global reach and innovative drive make them a perfect addition to our strategic investor group,” said Axoni CEO Greg Schvey.
Prior to its investment, HSBC has been working with Axoni on projects to deploy the startup’s data synchronization technology for automation, auditability, and accessibility in some of the widest-reaching infrastructure in finance.
“Distributed ledger technology will clearly be important in modernizing the shared infrastructure of capital markets,” said Matthew J. Flanigan, COO of HSBC Global Banking and Markets, Americas. “Axoni has demonstrated that they are the leader in this space and HSBC is delighted to work with them on increasing efficiency and lowering costs for the industry.”
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