A recent investment of €5.5 million into the financial technology firm Axiology has underscored a growing tension within European financial markets, as the company seeks to leverage blockchain technology to address systemic inefficiencies. Marius Jurgilas, Axiology’s CEO, detailed in a recent Verslo Žinios podcast interview the resistance his firm, and others like it, are facing from established players seeking to maintain the status quo.
Jurgilas argues that the current financial system is overly fragmented, with separate entities handling distribution, sales, and settlement, leading to increased costs and slower processing times. “We can ensure a one-stop-shop principle, as our technological solution combines the entire infrastructure into one,” he stated in the podcast. Axiology aims to streamline these processes through its blockchain-based technology, facilitating easier trading of securities.
According to Jurgilas, efforts at the European Union level have been made to preserve a system that primarily benefits traditional market participants. This resistance to change, he suggests, is hindering the adoption of innovations that could improve efficiency and accessibility. A LinkedIn post from Verslo Žinios highlighted Jurgilas’s comments, noting the company was founded last year with the specific goal of simplifying securities trading.
Marius Jurgilas’s background includes a distinguished academic career, having earned a doctorate in economics from the University of Connecticut in 2007, following a degree from Vilnius University in 2001. He has held positions at institutions including the European Central Bank, the Bank of England, and the Bank of Norway, as well as serving as a member of the board of the Bank of Lithuania since 2013. His experience spans both academic research and practical application within the financial sector.
The development of Axiology’s technology comes as the financial technology sector continues to evolve, with a focus on utilizing blockchain to address longstanding issues within capital markets. The company secured a €2 million investment earlier, as reported by Verslo Žinios, demonstrating growing investor confidence in the potential of blockchain solutions. The firm’s approach aims to consolidate infrastructure and reduce friction in the trading process.
