- "We know the thing works now," says Axoni CEO Greg Schvey, whose firm just managed a six-month test of blockchain in the $2.8T equity swaps market. Among participating banks were JPMorgan (NYSE:JPM), Goldman Sachs (NYSE:GS), Citigroup (NYSE:C), Credit Suisse (NYSE:CS), and Canada Pension Plan Investment Board.
- The program kept track of the swaps contracts, and recorded items like amendments or termination of deals, splits, and dividends. The success rate was 100%, says Axoni.
- "Fewer valuation disputes, less reconciliation and real-time access to data would benefit all of the industry,” says Citigroup's global head of prime finance, commenting on the benefits of blockchain. Accenture estimates investment banks could save $8B.
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