JPMorgan and Goldman Sachs, which are among the largest banks in the globe, have expressed an interest in the Blockchain technology despite initially having had nothing but negative sentiments about the crypto sphere.
Impressive Board Of Directors
Even though the crypto space is currently experiencing hard times, with Bitcoin dropping in value to its current $6,300 valuation and other cryptocurrencies following suit, alongside the capitalization of the crypto market at less than $105 billion, it would seem there are still some aspects of the crypto sphere that are attractive to even the staunchest opposers of the fairly new industry.
This interest in Blockchain technology has become apparent in the current dealings between the banking giants and Blockchain startup, Axoni. The company was started back in 2013 and deals with Blockchain technology i.e. creation of blockchain technologies for financial institutions. Its website states some of its services as the development of distributed ledger, development of custom smart contract and analytics tools. The company boasts of an impressive selection of the board of directors which includes well-known technologists and financiers as well as prominent entrepreneurs the likes of Greg Schvey, who not only sits on the board of directors but is also the founder of the company.
The company, which is based in New York, will have Goldman Sachs as the lead in its Series B funding.
Development Of Blockchain Services For The Finance Industry
The total funding invested into Axiom by the two banking giants is reportedly $32 million and will be directed towards the company developing a blockchain based financial solution. The company is currently involved in unique projects that are geared towards specifically catering to the unique needs of its clientele which are largely large corporations and financial institution. Axiom has in the past been responsible for developing and building a custom Blockchain based solution for the Depository Trust and Clearing Corporation. The solution helped the corporation settle the over $11 trillion Warehouse of trade Information.
Combining the initial funding with this second round puts the total amount of capital that the company has been able to raise to $55 million. This money, the company has announced will be channeled towards the development of more advanced Blockchain technology and at the same time used to attract investors and advisors who will be in a position to propel the company to greater heights. The mere fact that the company currently has a small team of fifty people, but who are most prominent in the finance sector says a lot about hat Axoni is aiming towards and what it will eventually be able to achieve.
Revolutionary Blockchain For Financial Institutions
The company’s founder intimated that some of the solutions Axoni will be coming up with will be catering to ethereum, as well as the Axcore code that the company is currently utilizing.
JPMorgan and Goldman Sachs move to partner with a fairly small player in the Blockchain sphere is an indication that financial institutions are becoming more aware of the revolutionary Blockchain technology and its utility in the financial sector.