From R3 to Axoni: Goldman Sachs and JP Morgan leave.

0
136

Changes happen all the time. And in the blockchain technology universe is no exception. Two founding firms of consortium R3, Goldman Sachs and JP Morgan leave the ship. This they have announced recently, indicating that they will invest now in another consortium: Axoni.

Axoni is a New York based company that is leading trials to facilitate payments using distributed accounting technology. At the moment, Goldman Sachs, JP Morgan and broker of multibillion-dollar intermediaries ICAP are leading a $ 20 million investment round for Axoni.

Axoni in October 2016 undertook a stock exchange test using blockchain technology, which included banks such as Citi, Barclays, Credit Suisse, JP Morgan, Thomson Reuters, IHS Markit and Capco. It is very likely that banks that participated in the Axoni trials or experimental block chain rojects in October will join in the ongoing investment.

It has been touched with some force that more banks plan to abandon the R3 consortium and pursue other projects. Currently, R3 remains Axoni’s biggest rival. Although the deals have been broken down with some of its banks and financial firms, it will still secure a funding round of $ 150 million to finance its operations in 2017.

Axoni continues to demonstrate successful trials of its blockchain solutions and their applicability within the traditional financial industry, so that an increasing number of banks could be permeable to betting on their progress and being part of it.

It is important to note that R3 on its part failed to demonstrate a commercial application of its blockchain, Corda, which has been considered a technological failure, so it is understandable and very likely that existing banks could leave the R3. Axoni demonstrates for the time being a clear vision and a roadmap of what the future could bring.

LEAVE A REPLY