Tuesday, August 16, 2022

BlackRock will use Blockchain technology in its transactions

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BlackRock, the world’s largest asset manager, maintains its interest in the cryptocurrency sector. BlackRock, which has recently purchased significant amounts of stock from two major mining companies, has reached an agreement with a Blockchain company. According to Axoni Blockchain, BlackRock will use Axoni’s Veris Blockchain to manage stock swap transactions. The network now includes BlackRock, the world’s largest asset manager, as well as Citi Group and Goldman Sachs. Both financial behemoths had made Series A and B funding in New York-based Axoni.

Mark Cox who is the COO of Global Investment Operations at BlackRock made the following statement about the subject:

“The Axoni platform will help us build scalability while mitigating risks in the investment life cycle beginning with equity swaps. We see great potential in a distributed ledger network for uncleared derivatives as we continue to prove this new area of innovation.”

Head of OTC Markets of Axoni, Carl Forsberg, also commented on this business relationship. Forsberg stated that it will significantly increase the efficiency of the Veris network by enabling the adoption of standardized post-trade swap data models and workflows.

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