Deutsche Bank, along with Swiss Bank, Intel Capital, and investors that already exist like JP Morgan, Citi, Wells Fargo, among others, has invested over $31 million in a blockchain startup. The blockchain is known as Axoni. The investment in the firm is a second round, considering the first round that happened and was announced back in 2018, in the month of August. Axomi, now in total, holds a summed up investment of over $91 million.
David Mueller, an investment manager from Intel Capital, has now joined the Board of the blockchain as an observer. No other company has confirmed any involvement in the Board as of yet. Not even German bank, Deutsche Bank. The company also snagged a deal with a firm called DirectBooks, another firm owned by every Bank mentioned above, through which all of these financial institutions issue bonds in a single, shared infrastructure. Back in November last year, the company came into fruition under the radar. This was what aroused the banks’ interest in Axoni.
Why The Investment By Deutsche Bank?
This investment by Deutsche Bank and other firms in part is a broader change to the traditional financial firms, whom many have thought to be drastically affected by blockchains and cryptocurrencies. This was, in a sense, how cryptos like Bitcoin can move money on less dependency and even lesser manual audits. This can be explained in terms of how a firm that wants to raise capital has to announce it first, after which banks like Deutsche Bank call asset managers asking their interests to invest.
Axoni added its support from the issuance of bonds from DirectBooks, along with other networks. The firm’s Chief Executive Officer, Gregg Schvey, said that they are looking to “standardize their internal productivity” and let clients see what goes on in the internal assets.