Axoni, a blockchain technology firm, announced the completion of a $32 million series B financing round yesterday. The investment round led by Goldman Sachs and Nyca partners also involved the participation of Andreessen Horowitz, J.P.Morgan, Wells Fargo, Citi, Coatue Management, Digital Currency Group, F-Prime Capital, Franklin Templeton Investments, NEX Group, and Y Combinator. Axoni’s total funding now stands at $55 million. “Our strategic partners have been critical to our success so far; we are delighted to strengthen and expand those relationships with this financing as we continue to deploy Axoni’s technology,” said Greg Schvey, CEO of Axoni.
The support of these large-scale financial firms makes Axoni one of the most sought-after companies for solving scalability and auditability problems faced by the capital markets. The head of market structure and electronic trading services at Wells Fargo Securities said, “The adoption of distributed ledger protocols in capital markets resembles the early days of adopting TCP/IP for distributed enterprise applications.”
Axlang, the world’s first Ethereum compatible smart contract language is the primary feature of Axoni that seems to have attracted the big leagues of the financial sector around the world. Axlang, developed by Axoni, is designed to solve the problems faced by large financial institutions and capital markets infrastructure firms. The programming language supports functional programming and formal verification of smart contracts for Ethereum-compatible networks.
With the assistance of the majors of the financial sector, Axoni is building their own legacy in the blockchain world. They aim to make error-free smart contracts which will, in turn, make the formal verification functional and reliable. Unlike Ethereum programming language, Solidity which has crucial flaws, Axoni uses Scala, a programming language which is already being widely adopted by the financial community.
“AxLang is designed to support both public Ethereum as well as private Ethereum projects, and because of its basis in Scala, can be used to develop more specialized DSLs on top of it. This means developers can quickly adopt the language while also being able to leverage much of the existing tooling,” according to their blog.
Axoni said they will utilize the funding from the latest investment round to advance the development of Axlang, enhance its data synchronization technology and expand the network of companies leveraging blockchain. Axlang is a part of Axoni’s Blockchain infrastructure which has $11 million credit derivatives and the world’s leading foreign exchange connectivity.
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