Goldman Sachs And J.P. Morgan Join $32M Series B in Enterprise Blockchain Startup Axoni

What’s the Story? Axoni, a blockchain startup focused on financial infrastructure, has raised $32MM.

Why It’s Important? Axoni is the first platform to enable formal verification on the Ethereum blockchain. Smart contracts in Ethereum are developed via a programming language called Solidity. However, Axoni uses Scala, which allows formal verification to reduce the risks of bugs and hacks in a smart contract. In February, Coindesk reported that more than $500MM had been lost due to faulty smart contracts. If Axoni’s language, AxLang, works, it will cut down on the money lost via flawed smart contracts.

Jamaica Stock Exchange to Trade Crypto Assets in 2018

What’s the Story? The Jamaica Stock Exchange (JSE) said that it had signed a memorandum of understanding with Blockstation (blockchain startup) to create a new digital asset trading platform. The platform is set to go live by the end of the year.

Why It’s Important? Marlene Street Forest, managing director of JSE, released a statement to Coindesk saying that, “The end game at the end of the day is to trade tokens, the end game is smart contacts, the end game is to provide that area of the market that would like this product, to start to do so in a secure manner.” JSE has gone so far as to suggest it may release its own currency at some point in the future. Nonetheless, this announcement can be viewed as exciting news to the community. Trading cryptocurrencies via the JSE would add much-needed liquidity to the space, as well as a new platform in which investors have access.

Ethereum’s Falling Price Splits the Crypto Community

What’s the Story? This week has been a significant test for Ethereum. The second largest cryptocurrency by market capitalization has been in a downward cycle for the past few months.

Why It’s Important? Down over 15% the last day, Ether is sitting around $255 at the time of posting (August 14th, 2:30 pm). This is the first time that Ether’s value has fallen below its price one year previous. On August 14th, 2017, Ether sat at just over $300. As the foundation for many ICOs, an Ethereum price hit damages many other projects in the eco-space. Its price stability will determine Ethereum’s (and other projects for that matter) long-term viability. This price stability will likely come from updates that determine future adoption and scalability potential. While Ethereum’s success is incredibly important for the cryptocurrency community, it is clear that the current road for Ethereum is rocky.

What We Read This Morning:

  • Top-Down Demand: Jill Carlson explains how protocols only accrue value if the products are delivering value.
  • Tales from the Crypt #38: Nic Carter: Marty Bent sits down with Nic Carter to discuss Nic’s new venture fund and the current state of cryptocurrency.
  • Controlling Autonomy: A New Tool to Stop Smart Contracts Once Executed: Open Law explains how they are developing tools to stop smart contracts from executing when in progress.
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Posted by News Monkey