Goldman Sachs and JPMorgan place a $32-million bet on blockchain


The cryptocurrency market has crushed big time, Bitcoin is falling down to $6,300 and its market capitalization is currently not more than $105 billion. This seems like a huge drop and hit to the whole digital coin market, as other cryptocurrencies are falling fast along the “people’s currency”.

However, two of the biggest banks in the world, JPMorgan and Goldman Sachs, while “expressing” negative opinions on Bitcoin and digital coins in general, have very warm feelings, it seems, towards blockchain.

Goldman Sachs is leading a Series B Round for the American company, Axoni. Axoni was created in 2013, and creates technology that disrupts financial markets, broadly speaking. The Board of Directors comprises an impressive lists of prominent technologists and financiers, as well as serial entrepreneurs like Greg Schvey, who is also the founder of Axoni.

The investment is $32 million and it will go towards the development of blockchain-based tech solution for the finance world developed by Axoni. The company is doing something very unique and grandeur in a way, since it caters to the blockchain “needs” of big corporations and financial institutions. As cited by BTCManager, Axoni developed a custom-built blockchain-powered solution to aid the settlement of the Depository Trust and Clearing Corporation’s $11 trillion Trade Information Warehouse.

In addition, with the second round of financing, Axoni has now $55 million in capital, which will be used for developing more blockchain technology, while securing the future of the company by attracting strategic investors and advisors. The sole fact that the currently “small” team of around 50 people comprises big finance names, coming from Merrill Lynch and Citadel only speaks volumes about the goals of Axoni and its sight on the future.

Axoni’s founder, Greg Schvey, has also commented that the solutions they build might also involve Ethereum, in addition to the code they are currently using, Axcore.

And while the cryptocurrency market is in a bloodbath again, the technology of blockchain is here to stay. The fact that Goldman Sachs and JPMorgan are partnering on a relatively small company that has a huge potential to develop custom-made blockchain “jewels” gives hope that more financial institutions will turn to the revolutionary technology to solve finance’s most urging issues.

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Goldman Sachs and JPMorgan place a $32-million bet on blockchain

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