AXA’s Favorite Tech?

AXA Strategic Ventures is among the backers of a $55 million fundraising by Montreal-based blockchain startup Blockstream, which partnered with PwC earlier this year to develop distributed ledgers called sidechains that are interoperable with each other and with bitcoin. Recall: last month Digital Asset Holdings startup, led by ex-JP Morgan exec Blythe Masters, raised $52 million. Earlier this week, the firm said it had added Goldman Sachs and IBM as investors, bringing that funding round’s total to $60 million. Bottom Line: AXA’s management is convinced blockchain technology is going to dramatically reshape the financial industry.