Axoni news

A New York-based capital markets technology firm that specializes in distributed ledger infrastructure.

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HSBC Bank the Latest to Invest Millions into Axoni Enterprise Blockchain Provider, $36 Million Raised

This week, Axoni confirmed the reception of a $4 million investment from the HSBC international bank. The funding increased the entire amount raised in Axoni's Series B funding round to $36 million. Since the beginning of 2018, the company has raised a whopping $59 million. Axoni is a company that deals with the development of enterprise-level blockchain solutions for businesses. Axoni announced today that HSBC has joined its Series B funding round, bringing the total amount raised in this round to $36 million. https://t.co/nTKdpqDHMH pic.twitter.com/lkPmE37KeE — Axoni (@axoni) November 13, 2018 The proceeds from the aforementioned financing round will be used to improve the infrastructure for syncing data on the Axoni platform. A significant portion will also be allocated towards the improvement of Axoni’s blockchain network and DApp platform, called AxCore. Moreover, Axoni will also contribute to the development of AxLang, a smart contract coding language based on the Ethereum blockchain protocol. In exchange for their investment, the HSBC bank will integrate Axoni’s data syncing solution. The bank will also benefit by joining Axoni’s global client network. Other notable firms that have invested in Axoni include JP Morgan, Goldman Sachs, Y Combinator, Citi, and many more. Matthew Flanigan, a senior official of the HSBC bank, believes that the adoption of blockchain technology will revolutionize the capital markets. He added that the bank agreed with Axoni to develop a solution that will reduce expenses and increase the efficacy of operations in the financial sector. On the other hand, Greg Schvey, the CEO of Axoni, said that the company will profit from HSBC’s vast client base as well as their impetus to succeed. Axoni is currently integrating blockchain technology into the DTCC Trade Information Warehouse.
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Blockchain Startup Axoni Secures $4M USD Investment From HSBC

Banking giant HSBC has invested $4 million in New York-based blockchain startup Axoni. The investment is part of Axoni’s Series B funding round, bringing the total amount raised in the round to $36 million. Other investors include Goldman Sachs, NYCA Partners, Andreessen Horowitz, Citi, Coatue Management, Digital Currency Group, F-Prime Capital, Franklin Templeton Investments, JP Morgan, NEX Group, Wells Fargo, and Y Combinator. Axoni serves the world’s largest financial institutions and capital markets service providers with full stack blockchain solutions. The company’s product offerings include distributed ledger technology deployments, bespoke smart contract development and analytics tools. The latest round of financing will be used to enhance Axoni’s data synchronization technology, expand its suite of infrastructure products to support mission-critical deployments of AxCore, and broaden the network of enterprises leveraging distributed ledgers. It will also be used to further develop AxLang, a new programming language that supports functional programming and enables formal verification of smart contracts for ethereum-compatible networks. “We are delighted to have the support of HSBC. Their unique combination of global reach and innovative drive make them a perfect addition to our strategic investor group,” said Axoni CEO Greg Schvey. Prior to its investment, HSBC has been working with Axoni on projects to deploy the startup’s data synchronization technology for automation, auditability, and accessibility in some of the widest-reaching infrastructure in finance. “Distributed ledger technology will clearly be important in modernizing the shared infrastructure of capital markets,” said Matthew J. Flanigan, COO of HSBC Global Banking and Markets, Americas. “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.”
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HSBC joins $36M Series B round of blockchain technology company Axoni

CryptoNinjas Axoni, a provider of enterprise blockchain technology, announced today that HSBC has joined its Series B financing round, bringing the total amount raised in this round to $36 million and total funding to date... HSBC joins $36M Series B round of blockchain technology company Axoni
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Top Global Banking Institutions Pledge Support to DTCC Blockchain

CoinSpeaker Top Global Banking Institutions Pledge Support to DTCC Blockchain The blockchain project for the Depository Trust & Clearing Corporation (DTCC) has now entered its testing phase along with 15 other global banks. This testing phase is said to be the last testing step before taking the blockchain live. As announced in Consensus 2018, DTCC’s distributed ledger will go live in early 2019. However, the U.K.-based banking giant Barclays is the latest to join the consortium of global banks participating in the test. Barclays and the other 14 unnamed banks will kickstart DTCC’s blockchain network and cloud-based platform for its credit derivatives Trade Information Warehouse (TIW). Before the end of this year, DTCC is likely to move it to an “open” testing phase wherein other service providers and market participants will get an opportunity to test. Lee Braine from the Investment Bank CTO Office at Barclays said: “We are pleased to be working with DTCC, our partners and colleagues on this exciting project to bring distributed ledger technology to life in a demonstrable way that will enhance efficiencies and lower costs and risks for the industry”. Creating a blockchain-based derivatives platform for TIW is one of the most critical blockchain projects for enterprise solutions. TIW currently caters to 98% of credit derivative transactions worldwide worth around $11 trillion and provides them lifecycle event processing services. TIW’s major customer base includes global market participants from around 70 countries and other global derivative dealers. To cater to such a huge customer base, the DTCC has taken a multi-vendor approach in providing DLT services. Axoni will develop the entire DLT infrastructure and smart contracts functionality using its native AxCore blockchain protocol. IBM will provide the management and integration services while R3 will act as a solution advisor. Other big financial infrastructure providers like IHS Markit’s new TradeServ platform have also joined DTCC during the recent testing phase. These giants will look after services like a re-architectured credit matching and confirmations as well as deliver foreign exchange options. All these services are likely to go live in the second quarter of the next year. The TIW acts as a one-stop record keeper for all the parties which are involved in performing lifecycle events, payment calculations and settlements, derivative trades, etc. The TIW tracks the entire process right from the initiation of the trade to its maturity. This includes processes like modifications, amendments, rate resets, corporate actions, and termination. All these processes will now be automated using Axoni’s smart contract technology. Top Global Banking Institutions Pledge Support to DTCC Blockchain
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DTCC Enters Test Phase On Blockchain Project For Credit Derivatives

The Depository Trust & Clearing Corporation (DTCC), the central bookkeeper for Wall Street’s securities trades, has entered the test phase for its credit derivatives blockchain solution, the Trade Information Warehouse (TIW). First announced in January 2017, the TIW enables DTCC and its clients to further streamline, automate and reduce the cost of derivatives processing across the industry by eliminating the need for disjointed, redundant processing capabilities and the associated reconciliation costs. The solution has been developed in partnership with IBM, Axoni, and R3. IBM provided program management, blockchain expertise, and integration services. Axoni provided the distributed ledger infrastructure and smart contract applications built on the AxCore blockchain protocol, with R3 acting as a solution advisor. In the testing phase, which is expected to be completed by the first quarter of 2019, Barclays and 14 unnamed banks will be conducting end-to-end, structured user acceptance tests. The tests will leverage simulated use cases and test data and validate the interaction between systems, firms and other key market infrastructure providers, including MarkitSERV and its new platform for credit, TradeServ. “The transformation of DTCC’s Trade Information Warehouse using distributed ledger and cloud technology, along with the modernization of MarkitSERV’s confirmation system, is truly a ground-breaking effort pushing the boundaries of technology use in the industry,” said Chris Childs, CEO of DTCC DerivSERV. “We are proud to be collaborating with a number of the world’s leading banks, MarkitSERV and all our partners on this exciting initiative to revolutionize the derivative industry’s credit market infrastructure. We look forward to launching the service next year.” If the initial trial proves successful, DTCC expects to move to an “open” testing phase by the end of the year, when other market participants and service providers will have the opportunity to test. “We are pleased to be working with DTCC, our partners and colleagues on this exciting project to bring distributed ledger technology to life in a demonstrable way that will enhance efficiencies and lower costs and risks for the industry,” said Lee Braine from the Chief Technology Office at Barclays.
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Ripple’s RippleNet XRP Showcases Real-World Effectiveness: Mercury FX

After partnering up with the firm behind the second largest coin XRP [XRP] Ripple as one of the +200 costumers, Mercury FX announced via their official twitter handle that they transacted their largest payment across RippleNet with a positive conclusion. 1/1 We've made our largest payments across RippleNet using #XRP – 86,633.00 pesos (£3,521.67) from the U.K. to Mexico in seconds. pic.twitter.com/WsHJuZTiOy — Mercury-fx Ltd (@mercury_fx_ltd) January 17, 2019 Using XRP, the firm transferred £3,521.67 or $4,552.41 while they cited that UK based Mustard Foods was able to save £79.17 and 31 hours on the transaction. Mustard Foods could be one of the best examples of the impact of using RippleNet could have as it opened doors to cheaper expenses, quicker orders and faster payments. As covered by John P. Njui on EWN a few days ago, The Ripple company has announced via its website that 13 new financial institutions have joined RippleNet thus propelling the number of total global customers to over 200. RippleNet currently operates in 40 countries across 6 continents. Out of the 13 aforementioned financial institutions, 5 are confirmed as using XRP to source instant liquidity for their cross border payments. The are JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank. By the end of this year [2018], major banks will use xRapid as a liquidity tool. By the end of next year [2019], I would certainly hope that we will see…in the order of magnitude…of dozens. But we also need to continue to grow that ecosystem…grow the liquidity. – Brad Garlinghouse The success behind the team from Ripple could be standing by their marketing strategy and future plans of making the financial industry a better place to be. While not displacing traditional banking systems but helping them make payments cheaper and faster, it is finding its way to take spotlight in the crypto-verse. The post Ripple’s RippleNet XRP Showcases Real-World Effectiveness: Mercury FX appeared first on Ethereum World News.
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BRD Wallet Expands Crypto User Access Across Europe With Coinify Partnership

Coinify, a European-based financial platform that provides a wallet, trading and payment processing solution, has announced that they are integrating BRD Wallet into their platform to deliver BRD wallet access to users across the European region.Specifically, the partnership provides access to virtual currencies, like bitcoin, to 34 countries across the Single Euro Payments Area (SEPA). The SEPA region is a collection of member states in Europe who are part of a payment system that simplifies bank transfers denominated in EUR. The launch is also enabled largely in part by Coinify’s newly rebranded trading solution for wallet partners.Customers will now be able to use BRD Wallet to “purchase bitcoin at cost-efficient rates with SEPA bank transfers” within Coinify’s trading platform. With BRD integration, customers will also retain control over their private keys while using Coinify.Essentially, this provides a large number of users with an efficient and secure way to buy bitcoin and other cryptocurrencies, and then allows them to immediately store it in a manner where they control what happens to their money. Typically, a user will entrust the custody of their private keys to a centralized exchange while they are waiting for trades to be executed and sometimes for much longer than that.Aaron Lasher, co-founder and chief strategy officer at BRD, highlighted the advantages of the integration for security-focused users of the Coinify platform.“We like exchanges and think security will get better in the future, but by using our integrated purchase and trading solutions, you get to keep your funds under your control 99 percent of the time, and only put them at a slightly higher risk for a short period when you make the exchange,” Lasher told Bitcoin Magazine.“Using a non-custodial wallet means that you and you alone control your funds. It’s similar to having physical cash in a (highly secure) safe at home. Only in this case, we provide our customers a digital safe (the BRD wallet) that they can keep in their pocket and carry along. Nobody else in the world has access to your funds but you, and nobody can stop you from sending or receiving funds.”Integrating a wallet that allows users to own their funds and seamlessly make trades on a platform like Coinify could help to push bitcoin adoption forward."The financial industry is ripe for disruption and we see bitcoin and the other virtual currencies as the future of payments,” said Rikke Stær, chief commercial officer at Coinify, told Bitcoin Magazine. “At Coinify, we have experienced first-hand the rising adoption of bitcoin and working with BRD as a user-friendly, decentralized wallet will only encourage the global reach of the currency."“Since launching as the first iOS bitcoin wallet in the App Store over 4 years ago, we’ve grown tremendously in North America,“ Adam Traidman, CEO and co-founder of BRD, said in a statement. “Europe will be strategic in the next phase of BRD’s global growth, and the partnership with Coinify will ensure our success in this crucial endeavour.”In August 2018, Canadian-based Coinberry exchange launched a similar BRD integration, allowing users to quickly and seamlessly buy, deposit and withdraw bitcoin on the Coinberry platform, while keeping control of their keys at all times. This article originally appeared on Bitcoin Magazine.
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Crypto Payments Service BitPay Reports It Saw Over $1 Billion in Transactions in 2018

Crypto Payments Service BitPay Reports It Saw Over $1 Billion in Transactions in 2018 Major cryptocurrency payment service provider BitPay has reported $1 billion in transactions this past year, according to a press release Jan. 16. According to the report, the company also set a new record for itself in terms of transaction fee revenue. […] Cet article Crypto Payments Service BitPay Reports It Saw Over $1 Billion in Transactions in 2018 est apparu en premier sur Bitcoin Central.
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