Citi Joins Axoni's Financing Round, Bringing Total Raise to Over $20 Million

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May 11, 2017, 08:03 ET

NEW YORK, May 11, 2017 /PRNewswire/ -- 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.

About Axoni

Schvey, Inc. (d/b/a "Axoni") is a New York-based capital markets technology firm that specializes in distributed ledger infrastructure. The company was founded in 2013 by a team of distributed ledger technology entrepreneurs and cryptography specialists. Axoni's product offerings include distributed ledger technology deployments, bespoke smart contract development and analytics tools. Additional information may be found at www.axoni.com

About Citi

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

SOURCE Axoni