International investment firm BlackRock has joined Axoni’s Veris blockchain to manage stock swap transactions.
According to Axoni, using the Veris blockchain, parties to a transaction can agree and confirm trading conditions in advance, as well as collate and reconcile data after a stock swap.
BlackRock will use Veris for these swaps. Earlier this year, Citi and Goldman Sachs also conducted the first online equity swaps.
First, BlackRock will use Axoni software internally, integrating it with its Aladdin operating system. In the future, BlackRock plans to make Veris swaps available to its customers.
According to Mark Cox, BlackRock COO, Axoni will help the company achieve “scalability while reducing investment risk.”
As Carl Forsberg, head of Axoni OTC Markets, noted, BlackRock will dramatically improve the efficiency of the Veris network by “driving the adoption of standardized data models in post-swap workflows.”
As a reminder, back in 2017, a group of major financial companies including JPMorgan Chase, Goldman Sachs, BNP Paribas, Credit Suisse and Citi tested securities swaps on the Axoni blockchain.
According to a recent report from BlackRock, the firm has also invested $ 383 million in US mining companies.
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