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Cryptocurrencies

Citi backs Axoni to work on financial services initiatives

Tuesday 16 May 2017 | 09:46 AM CET

Citi, a global bank, has joined Axoni’s Series A funding round to support blockchain initiatives in the financial industry.

Currently, the startup has raised more than USD 20 million, and among other investors taking part in the funding round we name Wells Fargo, NEX Group, J.P. Morgan, Goldman Sachs, Thomson Reuters, F-Prime Capital, Andreessen Horowitz, DCG, and others.

Through this investment, Citi is continuing to actively engage in various live projects including the re-platforming of the DTCC Trade Information Warehouse that is seeking to streamline and reduce the costs of derivatives processing across the financial services industry. Also, few of the previous collaborative projects include the optimization of post-trade data management for credit default swaps and equity swaps, as well as the collaborative management of reference data among industry participants.

According to EconoTimes, NEX Group’s Harmony network has recently selected Axoni as the provider of blockchain for post-trade data management.

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