Skip to comments.Wall Street Backs Blockchain for Savings on Derivatives
Posted on 01/10/2017 6:11:06 PM PST by TigerLikesRooster
Wall Street Backs Blockchain for Savings on Derivatives
DTCC chooses startup Axoni to use the tech behind bitcoin to track payouts between big banks
Jan. 9, 2017
A big Wall Street middleman is bringing in the technology behind the digital currency bitcoin to try to save banks tens of millions of dollars on fees for derivatives trades.
Following a series of tests last year, the Depository Trust & Clearing Corp. has picked startup Axoni to use a blockchainthe networking system originally created to move digital currenciesto start tracking credit-derivatives payouts between big banks by early next year, the group announced Monday.
Axoni was started by early bitcoin engineers who last year shifted into creating networks for banks, and in December raised $18 million from Wells Fargo & Co., Goldman Sachs Group Inc., J.P. Morgan Chase & Co. and other banks. The project will be led by International Business Machines Corp., which will use Axonis blockchain technology, DTCC said. The group will also work with banking industry consortium R3.
(Excerpt) Read more at wsj.com ...
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