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.