Yesterday Axoni announced it sold its Veris post trade processing business to the London Stock Exchange Group (LSEG), one of its many investors. The terms of the deal were not announced. Veris was originally built using DLT for equity swaps, launching in 2020 with 15 sell-side and buy-side firms, including Citi and Goldman Sachs.
From the start, Axoni provided capital markets with DLT solutions using an enterprise version of the Ethereum blockchain. In late 2022, one of its biggest projects went live with the DTCC, the Trade Information Warehouse. The solution had two options, using conventional technology or DLT. The latter did not prove popular.
Hence, when last week Axoni announced its rebranded data replication solution HYDRA, it is now DLT ‘inspired’ and has some DLT-like features, but no longer uses DLT. Ironically, this comes when DLT is getting significant attention from institutions.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
