Well, Citigroup opened its wallet and joined a group of pedigree investors to take a stake in startup Axoni, a distributed ledger tech firm. Not only that, it was a direct investment from Citi and NOT from the Citi’s venture fund. Looks like the dollar amount was $2M. Seems like a lot of banks are “spreading the table” with lots of investments in various projects hoping to pick winners. Could be faster returns in Vegas at roulette. $2M on the black and/or one third the table.
“Axoni, a leading provider of distributed ledger technology to the financial services industry, announced today that Citi has joined its Series A funding round, bringing the total amount raised to over $20 million. Citi joins a noteworthy group of Series A investors, including Wells Fargo, NEX Group, J.P. Morgan, Goldman Sachs, Thomson Reuters., F-Prime Capital, Andreessen Horowitz, DCG, and others.
Axoni and Citi have collaborated on a number of successful, high-profile distributed ledger deployments that have validated the technology and its benefits of data synchronization, automation, and auditability to market participants. Projects to date include the optimization of post-trade data management for credit default swaps and equity swaps, as well as the collaborative management of reference data among industry participants. Citi continues to be actively engaged in various live projects with Axoni, including the replatforming of the DTCC Trade Information Warehouse, which seeks to further streamline, automate, and reduce the cost of derivatives processing across the financial services industry.
Axoni was also recently selected as the provider of distributed ledger technology for post-trade data management in NEX Group’s Harmony network, the world’s leading connectivity provider for foreign exchange trade data between prime brokers and their clients.
“Having the support and domain expertise of a world-class institution such as Citi will allow us to execute our vision even more broadly and rapidly – we are delighted to have Citi join Axoni’s investor group,” said Greg Schvey, CEO of Axoni.”
Source: Axoni via PR Newswire