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Axoni, a New York-based startup developing blockchain solutions for enterprises, announced today that it has closed a $32 million Series B led by Goldman Sachs (GS) and Nyca Partners. The round also saw notable participation from Andreessen Horowitz, Citi (C), Digital Currency Group, JPMorgan (JPM), Wells Fargo (WFC) and Y Combinator.

According to the announcement, the recent fundraising round brings Axoni’s total funding to date above $55 million. The company is currently focused on developing its “AxCore technology,” which is a suite of distributed ledger infrastructure products that have already been deployed in markets ranging from complex derivatives to high-volume foreign exchange.

The latest round of funding will be used to improve its data synchronization technology and expands its network of enterprise clients. The funds will also be utilized to further develop AxLang, the company’s Ethereum-compatible smart contracting language that would be the first to enable formal verification.

Despite recent criticisms directed at the cryptocurrency market, multiple big banks continue to invest in the underlying blockchain infrastructure.

In a statement accompanying the announcement, Ashwin Gupta, managing director of Goldman Sachs, shared his belief that Axoni’s technology could be applied across the financial industry.

Axoni has established itself as a market leader in enterprise blockchain, delivering solutions that can be used at scale across financial markets. We are pleased to work with them as they execute their strategy

C. Thomas Richardson, head of market structure and electronic trading services at Wells Fargo Securities, echoed the sentiment from Goldman Sachs.

The adoption of distributed ledger protocols in capital markets resembles the early days of adopting TCP/IP for distributed enterprise applications. We continue to be impressed with Axoni’s ability to facilitate such adoption by identifying use cases that could benefit from blockchain technology.

While Citi has been relatively quiet on blockchain and crypto when compared to other banks, it recently partnered with Nasdaq to develop new integrated payment solution that leverages a distributed ledger to record and transmit payment instructions.

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JPMorgan did not comment on their investment, but CEO Jamie Dimon is on record yet again criticizing Bitcoin by referring to the cryptocurrency as a “scam” that he has “no interest” in pursuing.

While there is little clarity to the current position of the major banks on crypto, their activity in blockchain indicates a future adoption of the technology.

More: Axoni Announces $32 Million Series B Funding Led By Goldman Sachs and NYCA Partners

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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