HSBC joins blockchain startup Axoni's Series B funding round

Blockchain startup Axoni has announced that banking giant HSBC has joined its Series B financing round.

Earlier in August, Axoni revealed that it had secured $32 million in the series B round led by Goldman Sachs and Nyca Partners. With HSBC’s participation, the total amount raised in this round now stands at $36 million and total funding to date at $59 million.

Other investors include Andreessen Horowitz, Citi, Coatue Management, Digital Currency Group, F-Prime Capital, Franklin Templeton Investments, J.P. Morgan, NEX Group, Wells Fargo, and Y Combinator.

HSBC and Axoni have already been actively collaborating on initiatives to deploy Axoni'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. 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," said Matthew J. Flanigan, COO of HSBC Global Banking and Markets, Americas.

Axoni said that it will use the funds to enhance its 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 advance development of AxLang, the world's first Ethereum-compatible smart contracting language to enable formal verification.

"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.