Until last week, Blythe Masters was the butt-of-jokes from individuals like Max Keiser and the subject of many memes. In this episode of The Keiser Report, Max Keiser clarifies the claim by Blythe Masters that JP Morgan does not manipulate silver prices.
Fierce and negative portrayals of her dominated the precious metals space as she was seen as suspect number 1 for manipulating the precious metals markets alongside Jamie Dimon before the company publicly got out of commodities.
But last week she became known for something different. Finance icon Blythe Masters left a 27-year career as a senior executive at JP Morgan to join a recently launched Bitcoin startup company. The startup, Digital Asset Holdings, uses digital technology to enhance implementation and verification of digital assets, and was officially launched in March 2015.
Blythe took the lead as the most prestigious Wall Street banker to join the said promising digital-currency sector. Blythe is well known for building a leading physical commodities business and undertaking regulatory affairs at JP Morgan. The company believed that her pioneering work in credit-derivatives markets was reason to attain her as the CEO of Digital Assets Holdings LLC.
Founded by Don Wilson CEO of DRW Trading, a proprietary trading company, and Sunil Heerani, CEO of True EX LLC, an interest rate exchange, Digital Asset Holdings intends to provide a platform for capitalized ventures to settle businesses and trades with digital currencies.
Despite the scandal threads and hacking stories which have marred bitcoin’s image, this major development is observed as proof of emerging commitment between Wall Street and Bitcoin. This was exactly what Mrs. Masters presented in an interview, stating “Digital Asset’s goal is to build a bridge between the emerging digital-currency industry and Wall Street.”
By providing products for secure systems such as audit pursuits, credit restrictions and other checks-and-balances, Blythe Masters hopes to remove obstacles in the safe circulation of digital currency.
With an inspirational finance professional like Blythe Masters, it will be a fascinating experience to see her impact on digital currency markets. Mrs. Masters could be just the right person to install this sense of security to digital money. Her comments about Bitcoin highlighted its technology as opposed to the libertarian leanings so popular in the scene.
“We’re not seeking to disinter-mediate and destroy the current financial system,” Ms. Masters said. “We’re seeking to make it stronger, better and safer.”
Ms. Masters claims to have spoken with the Federal Reserve, New York State’s Department of Financial Services and the Bank of England regarding Digital Asset and whether or not it fits the criteria for regulation that has been proposed by the Department of Financial Services.
“You’ve got a lot of smart people and brilliant technologists and venture capital money flocking into this space with a vision that genuinely represents progress,” she said. “There’s a need for people like me.”
“The scale of the opportunity is gigantic,” she said. “It’s also fun to be able to work at the cutting edge of deploying today’s amazing modern technology into worlds where it hasn’t been used yet.”