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Axoni Raises $18m as Exciting Year for Blockchain Startups Draws to a Close

Blockchain startup Axoni has announced the completion of its Series A $18-million funding round, as it prepares to push forward with new applications for its blockchain technology.

The company, which aims to service the financial industry and has already trialed data management and smart contract applications, has the backing of a number of firms with exposure to the blockchain space.

It is hoped that the latest round of funding, taking the cumulative total raised to over $20 million, will help the New York-based startup move closer to critical adoption in a number of use cases.

The completion of the funding arrangements comes at the conclusion of an exciting year for blockchain technology, with a swelling number of startups and research projects pursuing opportunities from the distributed ledger.

Axoni are one of a number of investor-backed startups exploring distributed ledger technology, the infrastructure that underpins digital currencies like Bitcoin.

The latest funding round runs alongside major investments from companies, central banks, government and private backers across the world, as several industries compete to establish new uses for the blockchain.

The funding round was led by Wells Fargo, with support from a number of other investors including FinTech Collective, Andreessen Horowitz, Goldman Sachs, Thomson Reuters, JPMorgan, Digital Currency Group, and F-Prime Capital Partners.

C. Thomas Richardson, who leads the trading services unit at Wells Fargo, said the deal represented an opportunity for positive strategic partnerships in exploring the limits of the blockchain.

“We are delighted to support Axoni in the next phase of their development,” said Richardson, acknowledging the significant investment made in Axoni.

The blockchain space has been something of a focal point for venture funds in 2016, with analysts tipping companies with potentially disruptive potential across a range of markets from financial services to agriculture and shipping.

Axoni is one of a number of startups focusing specifically on developing this space, which looks set for an even more impressive year of growth in 2017.
 

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