Goldman Sachs Group, J.P. Morgan Chase and other leading financial institutions including a venture arm of inter-dealer broker ICAP Plc, have decided to invest in the blockchain firm Axoni, as reported by Reuters.

The move to invest in Axoni represents the latest Wall Street attempts in order to gain traction with the blockchain technology. The investment is expected to be in a range of $15 million to $20 million that will be finalized and announced soon, as told by anonymous sources to Reuters.

The Axoni investment follows soon after Goldman Sachs exited from R3, a financial innovation firm that is leading a blockchain consortium of over 70 of the world's largest financial institutions. Axoni has previously worked with ICAP to test a blockchain service for foreign exchange and with another group of firms to run post-trade processing for credit default swaps.

Earlier this year, Goldman Sachs and J.P. Morgan were among the 13 investors in Digital Asset Holdings, a developer of blockchain technology for financial services industry, which brought funding round to more than $60 million.

New York-based Axoni specializes in distributed ledger infrastructure and its product offerings include blockchain deployments, large-scale data management, bespoke smart contract development, analytics services, and connectivity tools.