HSBC has joined the Series B financing round of Axoni, a leading provider of financial services blockchain-based solutions. This brings the amount raised in this round to $36 million with the total funding climbing to $59 million.
The banking giant joins a high profile group of investors including Goldman Sachs, NYCA Partners, Andreessen Horowitz, Citi, Coatue Management, Digital Currency Group, F-Prime Capital, Franklin Templeton Investments, J.P. Morgan, NEX Group, Wells Fargo, and Y Combinator.
Axoni was founded in 2013 with the aim to improve capital markets infrastructure. The start-up has already released solutions involving equity derivatives, reference data, FX post-trade and credit derivatives.
Axoni plans to use the latest funds raised to enhance its data synchronization technology, improve their DLT base layer AxCore and to help broaden their solutions’ scope. The start-up will also continue research and development into AxLang, the Ethereum-compatible smart contracting language that helps to spot bugs.
“Distributed ledger technology will clearly be important in modernizing the shared infrastructure of capital markets. Axoni has demonstrated that they are the leader in this space and HSBC is delighted to work with them on increasing efficiency and lowering costs for the industry,” said Matthew J. Flanigan, COO of HSBC Global Banking and Markets, Americas.