Blockchains and Bagels Daily Market Roundup – 08.16.2018

Blockchains and Bagels: the morning market update to get you ready for the day ahead. Today,  Blockchain startup Axoni raises $32 million and BMO and OTPP trials blockchain debt issuance.

Blockchain Startup Axoni raises $32M in Series B Funding

Axoni, an enterprise blockchain startup, has just completed a $32 million round of funding with major financial institutional investors, including Goldman Sachs, J.P. Morgan, Wells Fargo, and Citibank. The company aims to power the financial industry using their proprietary distributed ledger infrastructure. Last November, the company successfully completed the second phase of a peer-to-peer blockchain infrastructure pilot to process equity swaps.

American Investors can now buy a Bitcoin-based Exchange-Traded Note

Listed on Wednesday, investors can now buy an exchange-traded note that seeks to track the return of Bitcoin, based on the reference price compiled by Bitfinex, Bitstamp, and GDAX. The product, Bitcoin Tracker One (CXBTF), is a Swedish listed and regulated security that could serve as an alternative to Grayscale’s Bitcoin Investment Trust, which also provides bitcoin exposure, but trades at a premium to the underlying asset.

BMO, OTPP trials Canadian Debt Issuance on Blockchain technology

Bank of Montreal and Ontario Teachers’ Pension Plan piloted a $250 million Canadian-dollar debt deal using blockchain technology, demonstrating the viability of the technology in fixed-income markets. The technology seeks to cut costs surrounding issuance, including compliance, financial reporting, clearing and settlement of cash transactions.

Riot Blockchain reveals SEC investigation could lead to blocking of share sales

Riot Blockchain announced that the Securities and Exchange Commission has started an investigation into the company that could prevent company and shareholders from selling shares. The SEC is investigating whether any misleading information or deficiencies were contained in three registration statements filed by Riot Blockchain.

Around the network

• Lack of correlation for Bitcoin provides little relief as markets sell off
• Bitcoin bulls regain upper hand as extinction concern subsides
• $100 billion retirement risk: SEC issues new warning about IRA fraud and cryptocurrencies

Through the headlines

• China and U.S. to resume low-level talks in bid to resolve trade war
• U.S. says Turkey tariffs to stay as Qatar comes to Erdogan’s aid
• Trump might get his slowdown in rate hikes, but for the wrong reason
• Turkey must commit to promoting stability amid market volatility, IMF says
• Paul Manafort could spend the rest of his life in prison. Here are the charges the former Trump campaign boss faces as the case goes to the jury

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