Citi has joined JP Morgan, Goldman Sachs and others in a Series A funding round for distributed ledger technology (DLT) start-up Axoni.
The New York-based capital markets focused firm now has over $20 million from investors including Wells Fargo, NEX Group, Thomson Reuters, F-Prime Capital and Digital Currency Group (DCG), among others, who contributed to the funding round in December. Series A is the first significant round of venture capital funding.
Axoni is involved in some trials of DLT, also known as blockchain technology, in the financial markets where its technology is being tested for trade affirmations in the reference data arena and in the over-the-counter (OTC) equity swaps post-trade lifecycle operational segment.
This later project was announced in January. It involves Citi and other major Wall Street banks in a collective effort to overhaul the Depository Trust & Clearing Corporation (DTCC) Trade Information Warehouse (TIW) using DLT. All the major banks use the warehouse.
Commenting on the latest Series A funding from Citi, Greg Schvey, CEO of Axoni, said in a statement that: "Having the support and domain expertise of such a world-class institution will allow us to execute our vision even more broadly and rapidly. We are delighted to have Citi join Axoni's investor group."