Digital Asset

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Digital Asset
Digital Asset Holdings.png
Founded 2014
Headquarters Offices in New York, London and Frankfurt
Key People Blythe Masters, CEO; Don Wilson, Sunil Hirani, co-founders
Products Blockchain technology
Website Digital Asset

Digital Asset, formerly called Digital Asset Holdings, is a software company that uses blockchain (or "distributed ledger") technology to facilitate settlement between digital and traditional currencies. It was founded in 2014 by Sunil Hirani and Don Wilson.[1] Blythe Masters, a leading developer of credit default swaps and former executive at JPMorgan Chase & Co., joined Digital Asset as CEO in March 2015. [2]

History

The firm was founded in 2014 out of a bitcoin trading operation created by the Chicago trading firm DRW, and operated through a little-known subsidiary of DRW known as Cumberland Mining & Materials.[3]

The firm is attempting to build a database using blockchain technology, which underpins bitcoin and other cryptocurrencies, to speed up the process of trading, clearing and settlement of financial transactions.

In March 2015 the firm hired Blythe Masters as CEO. Her former employer, JPMorgan, pledged $7.5 million on the blockchain project.

The firm acquired two small companies, Bits of Truth and HyperLedger, in June 2015 while also announcing a first round of Series A funding.[4] Later in 2015, the firm acquired blockchain startup Blockstack.[5]

In September 2015, Pivit, an online gaming portal, completed a $5 million round of funding with a portion of the notes issued via Digital Asset's software.[6]

On March 29, 2016, Digital Asset Holdings and the Depository Trust & Clearing Corporation (DTCC) announced plans to develop and test a "distributed ledger based solution" to manage the clearing and settlement of U.S. Treasury, Agency, and Agency Mortgage-Backed repurchase agreement (repo) transactions. The entities selected repo agreements for this proof of concept because they saw an opportunity to streamline how the products are cleared, as repo transaction volumes continue to grow, the DTCC said in a press release.[7]

In 2017 the Australian Securities Exchange became the first major exchange to adopt blockchain technology, using Digital Asset's platform.[8]

In July 2018, the company announced it had partnered with Google Cloud to provide blockchain developers with tools that would make it easier for them to create blockchain applications.[9] The partnership involves Digital Asset providing Google access to a software development kit that will let the company’s developers experiment with a smart contract programming language known as DAML (Digital Asset Modeling Language), which Digital Asset unveiled in March.[10]

Key People

References

  1. Digital Asset Holdings Delivers First-Of-Its-Kind Technology to Bridge the Gap Between Crypto and Mainstream Assets. PR Newswire.
  2. Swaps Pioneer Blythe Masters to Lead Virtual Currency Startup. Bloomberg.
  3. Start-Up With Bitcoin in Its DNA Stumbles on Fund-Raising Trail. New York Times.
  4. Blythe Masters Quick Off the Block With Startup Buys. Wall Street Journal.
  5. Digital Asset Holdings to Acquire Blockchain Startup Blockstack. Coindesk.
  6. Pivit Raises $5 Million With Help of Blythe Masters-Led Start-Up. Wall Street Journal.
  7. DTCC and Digital Asset to Develop Distributed Ledger Solution to Drive Improvements in Repo Clearing. DTCC.
  8. The Australian Securities Exchange Just Made Blockchain History. Fortune.
  9. Google Cloud Inks Deal With Blythe Masters' Blockchain Startup. Coindesk.
  10. Google Expands Blockchain Push With Digital Asset Tie-Up. Fortune.
  11. Digital Asset Homepage. Digital Asset Holdings.