NEW YORK and BOCA RATON, Fla., March 11, 2015 /PRNewswire/ -- Financial innovators Sunil Hirani and Don Wilson today announced the official launch of Digital Asset Holdings, LLC ("Digital Asset"). Founded in 2014, Digital Asset has developed a first-of-its-kind technology platform that facilitates the safe and efficient settlement between digital and traditional currencies. Digital Asset's technology platform will also bring the benefits of speed and cryptographic security to transferring, tracking and settling of mainstream financial assets.
Digital Asset also announced that Blythe Masters has been appointed as its chief executive officer. Masters joins Digital Asset after an accomplished career at J.P. Morgan in a variety of senior roles including head of global commodities, chief financial officer of the investment bank, head of global credit portfolio and credit policy and strategy and head of commercial and investment bank regulatory affairs. Masters was also the chair of the Securities Industry and Financial Markets Association (SIFMA).
The number of institutions looking to transact in crypto assets is expected to grow exponentially. However, there remain substantial obstacles in settlement of transactions converting crypto assets to and from conventional currencies. In addition, there is often a lack of transparency and trust in engaging with counterparties using crypto assets.
Digital Asset's technology addresses these fundamental problems and creates a trusted ecosystem comprised of previously agreed and vetted counterparties. This new technology is expected to make it possible for regulated financial institutions to accommodate customers wishing to transact in crypto assets and also to utilize cryptographic technology to settle and track transfers of mainstream financial assets more quickly and at lower cost.
"Digital Asset has a revolutionary technology platform that eliminates the counterparty risk and lack of transparency that has hindered mainstream adoption of cryptographic technology. The possibilities for reducing cost and risk in settlement are enormous," said Masters. "I'm thrilled to join the team to grow the company and drive broad-based adoption of our platform. Digital Asset has a talented team and technology that is uniquely positioned to solve challenging settlement issues facing global financial institutions. I look forward to partnering with Sunil and Don to bring this to market."
"Blythe's unique vision, leadership qualities and dynamism were the key ingredients that we looked for in a CEO to help re-invent the aging, costly and hack-prone legacy processes and infrastructure of settlement services," said Hirani. "We are thrilled to have someone of Blythe's caliber as CEO of Digital Asset."
Wilson said, "The solutions Digital Asset will help scale and commercialize under Blythe's leadership have the potential to transform fundamentally how we think about the creation, settlement, tracking and transfer of assets and currencies. Blythe's experience at building successful teams and defining cultures will be a huge benefit for Digital Asset and its clients."
Digital Asset has assembled a world-class management and development team with expertise in the financial industry as well as cryptography. These employees are based in New York, Chicago and Tel Aviv. Digital Asset's technological achievement is the brainchild of Hirani and Wilson, who are both on Digital Asset's Board of Directors and have successful track records of creating and running best-in-class technology-based companies in the financial industry.
About Digital Asset
Digital Asset Holdings, LLC is building next generation cryptographically secure settlement and ledger services. The Company is providing safe and efficient settlement of conventional and digital assets as well providing a digital ledger to create, issue, track and transfer mainstream financial assets. www.digital-asset.com
About Blythe Masters
Blythe Masters spent a successful career at J.P. Morgan where she rose to managing director at the age of 28. She has served in numerous senior positions at the firm including head of global commodities, CFO of the investment bank, head of global credit portfolio and credit policy and strategy and head of corporate and investment bank regulatory affairs, in addition to other roles. Masters brings a wide knowledge of financial markets trading, operations and regulation. Masters left J.P. Morgan in 2014 when she completed the sale of the bank's physical commodities business. Masters attended The King's School, Canterbury and graduated from Trinity College, Cambridge with a B.A. in Economics.
About Sunil Hirani
Sunil Hirani is the Founder and CEO of trueEX LLC, the first CFTC Designated Contract Market exchange for interest rate swaps. Hirani worked at Bankers Trust in the interest rate swaps group and subsequently at Deutsche Bank in the swaps and derivatives group. He subsequently co-founded and was CEO of Creditex Group Inc., an execution platform for credit default swaps (CDS) in 1999. Hirani also created Delta Neutral Auctions, Credit Event Fixings, and T-Zero Inc. a trade processing platform for the credit derivatives industry, which were sold with Creditex to Intercontinental Exchange (ICE) in 2008. Hirani played a crucial role in helping to acquire the The Clearing Corporation (TCC) and then launching ICE Trust Clearing and was a first investor in SeatGeek, the web's largest ticket search engine. Sunil received his M.M. from the J.L. Kellogg Graduate School of Management at Northwestern University (Evanston, IL) and his B.S. in Computer Science from Washington University (St. Louis).
About Don Wilson
Don Wilson is the Founder and CEO of DRW Trading Group, one of the largest proprietary trading companies in the world. DRW trades a diverse set of asset classes and instruments, both domestically and internationally. He is also a founder and board member of the Eris Exchange, a designated contract market which trades an innovative patent pending interest swap futures contract. He is co-inventor of the Eris Exchange's intellectual property, and also has been granted a patent for a method of trading a variance swap futures contracts, which has been licensed to both the CBOE and Eurex. Mr. Wilson graduated with honors from the University of Chicago with a B.A. in Economics in 1988. He is a member of the University of Chicago Board of Trustees.
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SOURCE Digital Asset Holdings, LLC