Enterprise blockchain startup Axoni Communications Inc. today said it has raised $32 million in new funding.

It plans to use the Series B round proceeds to enhance its data synchronization technology, expand its suite of infrastructure products and broaden the network of enterprises leveraging distributed ledgers. Founded in 2013, Axoni aims to overhaul global capital markets infrastructure through the use of intensive technology development and collaboration with financial institutions.

The round was led by Goldman Sachs and Nyca Partners, with Andreessen Horowitz, Citi, Coatue Management, Digital Currency Group, F-Prime Capital, Franklin Templeton Investments, J.P. Morgan, NEX Group, Wells Fargo and Y Combinator also participating. Key customers include three of those investors: Goldman Sachs, JPMorgan and Citigroup.

The company has developed a blockchain platform called AxCore that has been used for various financial purposes by investment banks, asset managers and market infrastructure companies. Uses include processing complex derivatives to high-volume foreign exchange. Axoni said it’s trying to “replatform the system underpinning the legal records, lifecycle events and cash flow calculations for the $11 trillion credit derivatives market.”

Observing the significance of what Axoni is building, C. Thomas Richardson, head of market structure and electronic trading services at Wells Fargo Securities, noted in a release that “the adoption of distributed ledger protocols in capital markets resembles the early days of adopting TCP/IP for distributed enterprise applications.”

Axoni’s largest project currently underway is with the Depository Trust & Clearing Corp. in conjunction with IBM Corp. and blockchain consortium  R3CEV LLC, with a goal to redo the Trade Information Warehouse for derivatives processing using the Axcore blockchain. The company’s blockchain, in this case, is intended to allow DTCC clients to streamline, automate and reduce the cost of derivatives processing across the industry by removing the need for disjointed, redundant processing capabilities and the associated reconciliation costs

Including the new funding, Axoni has raised $53 million to date.

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