Elliott Brown / Flickr

British-based banking giant HSBC Holdings (HSBC) has joined the $36 billion Series B financing round of Axoni, a New York-based technology firm that is developing enterprise blockchain technology, bringing its total funding to date to $59 million.

According to the announcement, the new capital will be used to enhance its data synchronization technology and expand its network of enterprise clients. Additionally, the capital will assist in the development of Axoni’s Ethereum-compatible smart contracting language, AxLang.

“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.

HSBC is no stranger to blockchain technology, and notably performed the world’s first trade finance transaction last May using R3’s blockchain platform, completing a smart contract with ING.

HSBC joins a number of notable investors, including Goldman Sachs, Nyca Partners, Andreessen Horowitz, Citi, Coatue Management, Digital Currency Group, F-Prime Capital, Franklin Templeton Investments, J.P. Morgan, NEX Group, Wells Fargo and Y Combinator.

More: HSBC Joins Axoni’s $36 Million Series B Financing Round
Similar: Goldman Sachs Makes Another Bet on Crypto With BitGo Investment
Photo: Elliott Brown / Flickr

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.