HSBC backs distributed ledger tech startup Axoni

New York-based enterprise blockchain technology venture, Axoni, has announced the addition of HSBC to its Series B financing round.

This brings the amount raised in the round to $36 million and total funding to date to $59 million.

Axoni will use the cash to enhance its data synchronisation 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 advance development of AxLang, pitched as the world’s first Ethereum-compatible smart contracting language to enable formal verification.

HSBC is working with Axoni on initiatives to deploy its technology for automation, auditability and accessibility. It joins a group of investors that includes Goldman Sachs, NYCA Partners, Andreessen Horowitz, Citi, Coatue Management, Digital Currency Group, F-Prime Capital, Franklin Templeton Investments, J.P. Morgan, NEX Group, Wells Fargo and Y Combinator.

“Distributed ledger technology will clearly be important in modernising the shared infrastructure of capital markets. 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,” says Matthew J. Flanigan, COO of HSBC Global Banking and Markets, Americas.