Goldman Sachs and JPMorgan Chase are among the investors who are finalizing an investment in blockchain startup Axoni. The investment will range between $15 million and $20 million. Axoni is a NY-based tech company that helps banks and other institutions develop blockchain software to run capital markets processes.

The Axoni deal represents the latest Wall Street effort to gain traction with blockchain, which first emerged as the system underpinning digital currency bitcoin. The technology creates a shared electronic ledger that allows all parties to track information through a secure network, with no need for 3rd-party verification. Wall Street is betting blockchain and similar tools can be used to help slash some of their transaction processing and back-office costs.

Axoni Beta Testing.    In October, Axoni announced that 9 firms including Barclays, Credit Suisse and JPMorgan had conducted a successful test using its blockchain-based software on post-trade processing of OTC swaps. The group also included Thomson Reuters. Earlier in the year, Axoni worked with ICAP to test a blockchain service for forex and with another group of firms to run post-trade processing for CDS’s.