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Big Banks to Invest up to US$20 Million in Blockchain Start-up Axoni

U.S. banking giants Goldman Sachs and JPMorgan Chase are leading a number of other financial institutions to invest in blockchain startup Axoni. According to Reuters, the banks are looking to invest between US$15 to US$20 million in the blockchain firm. While details remain scarce, the deal itself is set to be announced sometime this week.

New York-based Axoni has provided its blockchain prototype for banks’ testing of the innovation for the financial services industry. At least one known and notable example is a months-long test where banks engaged in a smart contract enabled blockchain prototype to process over-the-counter (OTC) equity swaps earlier this year. The four-month testing period saw Axoni’s blockchain prototype installed by banks including the likes of JPMorgan, Citi, Credit Suisse and Barclays, as well as support firms such as Thomson Reuters. The blockchain was installed and implemented either physically in the premises of the participants or over a cloud environment. 133 test cases were assessed to reveal a 100% success rate.

JPMorgan and Goldman Sachs hit the headlines recently for their indifference to the funding requirements of the R3-led consortium. However, both firms were represented in a February funding round for Digital Asset Holdings.

News Characteristics

Date : Dec 20, 2016
Region : North America
Industry : Banks
Function : Operations and IT
Sub-Function : IT Modernization/Transformation