Blythe Masters is stepping down as chief executive officer of Digital Asset Holdings LLC after serving nearly four years to the blockchain software firm.
The Wall Street Veteran, known for inventing credit default swaps, asserted via Digital Asset’s press release that she was quitting over personal reasons but will remain involved with the firm as a board member, strategy advisor, and shareholder.
Masters joined Digital Asset in 2015 and became one of the first high profile finance veterans that associated themselves with a blockchain startup. The former JPMorgan official assisted Digital Asset in boosting its clientele among global businesses and exchanges by integrating personalized blockchain solutions.
“She had a pretty big impact because she was one of the only proponents of blockchain in the early days,” an FT source from the industry said.
She was important because of what she did at JP Morgan, where she was seen as an innovator. She brought the [blockchain] sector credibility at a time when there wasn’t much experience.
Digital Asset board member and tech industry veteran AG Gangadhar have assumed the role of Digital Asset acting CEO until a permanent replacement is found, the press release stated.
We are fortunate to have a deep bench of accomplished executives on the management team and Board, including AG, who have the requisite experience to take the company to the next level. Having come to know and trust AG as an advisor and Board member, I am convinced that he brings what’s needed to guide the company through its next phase,
Masters said in a press statement.
Masters’ departure comes at a crucial stage when more than 50% of the total blockchain projects have reportedly failed to develop a working product. Many would see the resignation as a sign of veterans leaving the blockchain market in the wake of growing criticism of the crypto industry. Nevertheless, the Australian Stock Exchange (ASX) maintains that the sector is on the right path.
The position shuffling at the top tier of Digital Asset will not impact blockchain, the exchange asserted, which holds 7% stocks in the firm.
ASX is under the process of switching from traditional settlement systems to the ones powered by blockchain with assistance from the Digital Assets team. Titled CHESS, the blockchain system will enable ASX to register, settle and clear payments in real-time.
“ASX remains absolutely committed to DLT and our partnership with Digital Asset (DA) – our CHESS replacement program is on track and moving ahead at pace,” the exchange told an Australian daily.
Featured image from Wikimedia.