Headquartered in New York, Axoni the company that focuses on blockchain-based over-the-counter trade settlement has recently hired a chief executive from Citadel Tech. Financial News and others report the new Axoni executive Thomas Chippas is working with the company to develop and expand the blossoming startup. In a written statement Chippas explains his how his expertise will help the distributed ledger company:
“I believe my background in scaling small fintech firms and running global trading businesses within top tier investment banks allows me to both see opportunities and understand the challenges our clients are trying to address. Distributed ledger technology will be truly transformative and Axoni stands out from the field in our ability to deliver,”
Back in April Axoni Uses Blockchain Technology to Manage Credit Default Swaps
Axoni has made headlines recently on April 6th using blockchain technology to manage post-trade lifecycle events for credit default swaps. With help from Markit the companies also used smart contracts within the experimentation. Behind the testing were banking institutions such as Credit Suisse, JP Morgan, Chase, Bank of America, and Merrill Lynch. Legacy lending and financial management banks are very interested in this technology and are showing they want a piece of the action in great numbers. The company believes a seasoned veteran in this industry like Chippas who has previously worked with Barclays and Deutsche Bank AG will help the firm a great deal.
Axoni’s chief executive Greg Schvey is pleased to have Chippas experience assist the team. Schvey stated in the announcement, “The world’s leading financial institutions are embracing distributed ledger technology to reduce costs and unlock new opportunities to interact with their clients and counterparties,” With banks buying debt based finances such as credit default swaps blockchain technology transparency could help the market a great deal. In fact, many believe due to its cryptographic assurance, and a distributed ledger system would make the need for standard regulation obsolete.
The New York-based blockchain startup has big competition as companies like R3 CEV, Digital Asset Holdings, and Patrick Byrnes TØ are also claiming positions in this market. TØ had also made headlines in the past by completing a beta short trade over the blockchain. Nevertheless, the ten person company Axoni is already turning heads with its technology and plans on continuing its innovations.
All of these new businesses believe in the protocol and executives from traditional large financial institutions are leaving to join these blockchain firms. The excitement of this technology is creating great enthusiasms towards a more refined financial system. Many proponents tout that blockchain technology will cut costs a thousand-fold and speed up processes of settlement. Axoni says they are thrilled to have former Citadel Thomas Chippas join the firm and hope to bring the distributed ledger technology madness to fruition. As the company states on its website:
“Axoni serves the world’s largest financial institutions and capital markets service providers with full stack blockchain solutions. Our technology implementations offer complex lifecycle automation, data privacy, high throughput, integration of off-blockchain systems, and regulatory transparency.”