Wells Fargo Leads $18 Million Series A for Axoni

Goldman Sachs, JPMorgan, Thomson Reuters, Andreessen Horowitz, FinTech Collective, F-Prime Capital Partners and Digital Currency Group also participated in the round. Axoni, which was founded in 2013, has now raised over $20 million since its inception. 

"Axoni has developed proprietary smart contract technology and has successfully validated this technology in a variety of capital markets use cases," said C. Thomas Richardson, head of market structure and electronic trading services at Wells Fargo Securities, in a statement. "We have been impressed by the high-caliber team, their deep domain knowledge, and disciplined approach to product development. We are delighted to support Axoni in the next phase of their development."

In April, Axoni successfully completed 85 test cases around blockchain and smart contracts ability to manage the post-trade lifecycle events of standard North American single-name credit default swaps (CDSs). JPMorgan was one of the four banks that took part in the tests. Greg Schvey, Axoni CEO, spoke to WatersTechnology about the experiment at the time.