Axoni, a provider of distributed ledger technologies to the financial services industry, has announced that it has won the 2017 Derivative Industry Initiative of the Year Award.

The award from GlobalCapital is related to the multi-firm deployment of blockchain infrastructure for equity swap processing. It aimed to capture the most innovative project in the derivatives market, with nominations driven by industry recommendations.

Axoni said that the award-winning project organized by it included Barclays, Citi, Credit Suisse, J.P. Morgan, IHS Markit, Thomson Reuters, and Capco, a global financial services management consulting firm that is part of FIS.

“The group established a blockchain trade processing network using hosted and locally-installed deployments of AxCore, Axoni’s proprietary distributed ledger software. The project tests automated lifecycle management and synchronization of single stock, index, and portfolio swaps, as well as critical components regarding the deployment and management of the distributed ledger network”, it added.

Axoni announced last month that Citi has joined its Series A funding round, bringing the total amount raised to over $20 million. Citi joins the group of Series A investors, which includes Wells Fargo, NEX Group, J.P. Morgan, Goldman Sachs, Thomson Reuters., F-Prime Capital, Andreessen Horowitz, DCG, and others.