Joseph Young · 6 hours ago · 2 min read
Axoni, a New York-based enterprise provider of blockchain technology, has completed a $32 million Series B funding round. Major players took part in the funding round including Goldman Sachs, NYCA Partners, Digital Currency Group, J.P. Morgan, Wells Fargo, Citi and Andreessen Horowitz.
The funding round was announced on Axoni’s official blog, Aug. 14.
Founded in 2013, Axoni specializes in delivering distributed ledger technology to a variety of leading financial institutions. Additionally, the company uses their AxCore technology in a plethora of markets including high-volume foreign exchanges and derivatives.
Through the years, the company has forged plenty of strategic partnerships, which Axoni’s CEO Greg Schvey attributes to the company’s success:
“Our strategic partners have been critical to our success so far; we are delighted to strengthen and expand those relationships with this financing as we continue to deploy Axoni’s technology.”
Moving forward, Axoni will utilize the funding to expand its suite of infrastructure products to enhance its data synchronization technology, according to the official release.
Following the closure of the successful investment round, top executives had plenty to say with regard to blockchain technology. According to Axoni’s blog post, the head of market structure and electronic trading services at Wells Fargo, C. Thomas Richardson, said:
“The adoption of distributed ledger protocols in capital markets resembles the early days of adopting TCP/IP for distributed enterprise applications. We continue to be impressed with Axoni’s ability to facilitate such adoption by identifying use cases that could benefit from blockchain technology.”
Ashwin Gupta, managing director at Goldman Sachs, added:
“Axoni has established itself as a market leader in enterprise blockchain, delivering solutions that can be used at scale across financial markets. We are pleased to work with them as they execute their strategy.”
In the midst of a cryptocurrency bear market, it is reassuring to hear words of reinforcement from high-ranking executives at financial institutions like Goldman Sachs and Wells Fargo. After all, interest, investment and adoption from these corporations are huge stepping stones for decentralized digital assets.
While the cryptocurrency market is significantly lower than it was in January, it’s still astronomically higher than it was a few years ago, and a slow but steady increase in price is better in the long run for the market than rapid price inflation.