The New York-based blockchain solutions provider, Axoni, has secured an investment from a range of prolific investors, including such banking giants as Goldman Sachs and J.P. Morgan.

Axoni has announced the closure of its $18 million Series A funding round, led by Wells Fargo and ICAP’s fintech investment arm Euclid Opportunities.

The latest investment brought the startup’s overall funding to more than $20 million. Other investors in the round included J.P. Morgan, Andreessen Horowitz, Digital Currency Group, Goldman Sachs, F-Prime Capital Partners, FinTech Collective, and Thomson Reuters.

“We are delighted to have strategic support from global leaders in financial services,” said Greg Schvey, CEO of Axoni. “The changes already underway based on distributed ledger technology will have a profoundly positive impact on the industry. Axoni is excited to help drive that progress alongside our investors and clients.”

C. Thomas Richardson, Head of Market Structure and Electronic Trading Services at Wells Fargo Securities, commented: “Axoni has developed proprietary Smart Contract technology and has successfully validated this technology in a variety of Capital Markets use cases. We have been impressed by the high-caliber team, their deep domain knowledge, and disciplined approach to product development. We are delighted to support Axoni in the next phase of their development.”

“Since we started working with Axoni over a year ago, we’ve been impressed with their knowledge of financial services, as well as their expertise with how distributed ledger technology can intersect with other evolving technologies,” said Richard Kerschner, Chief Corporate Development Officer for ICAP Post Trade, Risk and Information Services.

“They have quietly built their credibility with key financial players and have emerged as one of the leaders in this rapidly evolving space,” said Richard Kerschner, Chief Corporate Development Officer for ICAP Post Trade, Risk and Information Services.”

Goldman Sachs’ investment in blockchain startup Axoni comes a month after it left another blockchain startup R3 CEV, which reportedly lowered its investment target from $200 million to $150 million as Morgan Stanley and Banco Santander decided to quit the consortium as well.

Axoni is a leading provider of blockchain technology solutions for the financial industry.  The startup helps banks and other financial institutions to streamline their operations, providing higher transparency and reducing costs.

Major financial industry players are now using Axoni’s distributed ledger software for blockchain experiments. In October, nine companies, including J.P. Morgan, Credit Suisse Group AG and Barclays, successfully tested the startup’s software for post-trade processing of over-the-counter equity swaps.

Earlier this year, a group of Wall Street companies and four banks tested a blockchain service for credit default swaps trading using Axoni’s solutions. The experiment included 85 tests all of which resulted with almost 100% success.

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