Axoni

Axoni is an American technology company that develops blockchain software for financial institutions. The company, which has been described as an enterprise blockchain firm,[1] caters to trading firms, infrastructure providers, and technology companies in the United States, Europe, and Asia.[2] The company operates Veris, a distributed ledger system used by large financial companies.[3]

Axoni
Type
Industry
Headquarters
New York City
Key people
Steve Finnern, CEO
Websiteaxoni.com

History

Axoni was established in 2013 to build and deploy institutional blockchain and distributed ledger technology similar to the one that powers bitcoin.[2] The technology, which is called Axcore blockchain, is considered a customized version of the Ethereum blockchain.[1] It became the underlying framework of Axoni's distributed ledger infrastructure.[4]

By 2020, Axoni's technologies as well as its partnerships with other platforms involving major capital market projects have processed at least $10 trillion contracts. Its project with Depository Trust and Clearing Corporation (DTCC), for example, resulted in the development of the Trade Information Warehouse (TIW), which processed $9.9 trillion of cleared and bilateral derivatives.[1] This system, which is considered a multi-vendor approach, was developed with other tech companies, namely R3 and IBM.[5] The permissioned distributed ledger network for derivatives is governed by DTCC[5] and also uses Axcore.[6]

Axoni is also a partner of Options Clearing Corporation (OCC), one of the world's largest equity derivatives clearing organization.[7] This platform, which assists BATS, Cboe, Nasdaq and the NYSE,[7] processed $7.52 billion contracts in the same year.[1]

Veris

In 2020, Axoni launched Veris, a distributed ledger network that manages equity swap transactions.[8] This system is designed for matching and reconciling post-trade data on stock swaps.[9] Companies using this network includes BlackRock Inc., Goldman Sachs Group Inc., and Citigroup, Inc.[9][3] The infrastructure functions as an equity swaps platform, where participating institutions can maintain continual reconciliation of equity swaps until they reach maturity.[10] Trading is synchronized for a transaction throughout its lifecycle and participants are able to relay changes in real-time.[8] Its first recorded swap involved transactions by Citi and Goldman Sachs.[8][11] It is also based on the Axcore technology, adding to a suite of enterprise software that provides large-scale data management, automation, and development kits (e.g. for distributed application.[12]

DRM

Axoni is also projected to expand with the emergence of the digital rights management (DRM), a software program considered as a technological safety measure that can decrease illegal copying and distribution of digital media and applications.[13] Aside from its current distributed ledger system, it is also applying to patent a technology that features a restricted access management system for distributed privately subspaced blockchain data structures.[14]

References
  1. Insights, Ledger (2021-02-02). "Deutsche Bank, UBS, Intel in enterprise blockchain firm Axoni $31m funding". Ledger Insights - enterprise blockchain. Retrieved 2022-05-20.
  2. Castillo, Michael del. "Deutsche Bank Says $31 Million Investment Could Save Capital Markets 'Billions' Of Dollars, No Blockchain Necessary". Forbes. Retrieved 2022-05-18.
  3. Brett, Charles (2021-09-15). "Axoni's Veris attracts BlackRock on equity swaps network". Enterprise Times. Retrieved 2022-10-04.
  4. "Axcore". Blockdata. 2022. Retrieved June 1, 2022.
  5. Dalhuisen, Jan H. (2019). Dalhuisen on Transnational Comparative, Commercial, Financial and Trade Law Volume 3: Financial Products, Financial Services and Financial Regulation, Seventh Edition. Oxford: Bloomsbury Publishing. p. 339. ISBN 978-1-5099-2654-1.
  6. Welfare, Antony (2019). Commercializing Blockchain: Strategic Applications in the Real World. Hoboken, NJ: John Wiley & Sons. p. 151. ISBN 978-1-119-57802-4.
  7. Castillo, Michael del. "OCC Deal To Move $72 Billion In Equities To Axcore Blockchain". Forbes. Retrieved 2022-05-31.
  8. "Citi and Goldman Sachs go live with blockchain equity swaps platform - The TRADE". www.thetradenews.com. Retrieved 2022-05-20.
  9. "BlackRock Joins Blockchain Platform Axoni for Equity Swap Trades". Bloomberg.com. 2021-09-07. Retrieved 2022-05-20.
  10. Castillo, Michael del. "Citi, Goldman Sachs Conduct First Blockchain Equity Swap On Ethereum-Inspired Platform". Forbes. Retrieved 2022-05-20.
  11. Leising, Matthew (2021). Out of the Ether: The Amazing Story of Ethereum and the $55 Million Heist that Almost Destroyed It All. Hoboken, NJ: John Wiley & Sons. p. 271. ISBN 978-1-119-60293-4.
  12. Brett, Charles (2021-09-15). "Axoni's Veris attracts BlackRock on equity swaps network". Enterprise Times. Retrieved 2022-05-31.
  13. ReleaseWire. "Digital Rights Management in Blockchain Market to See Huge Growth by 2027: Axoni, Microsoft, IBM". Digital Journal. Retrieved 2022-06-09.
  14. "Axoni and GM Blockchain and DRM Patent Applications". Managing Rights Management. Retrieved 2022-06-09.
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