Blythe Masters, Wall Street’s first and notable blockchain performer has stepped down as CEO of Digital Asset Holdings, the technology startup. Her departure accords with the obnoxious year for cryptocurrencies. However, Australian Securities Exchange (ASX) is still on track to launch their DLT (Distributed Ledger Technology) based settlement system as the news hasn’t really affected the stock exchange. According to a recent statement provided by the firm, “Their progress towards establishing and launching their own DLT-based system hasn’t been hindered at all.”
According to reports, CoinDesk was notified by Peter Hiom, deputy CEO of the ASX through a spokesperson that the new clearance system is intended to replace the incumbent CHESS platform that they presently have in effect. Master’s departurbe would not impact the DLT. Though Master has done considerable work before her departure, and DLT system won’t lose the impetus.
DA declared on Tuesday (18th Dec) that Masters, who directed the organization since she began operating as CEO there in 2015, would be marching off from the company because of personal reasons, but she will remain involved as a board member, strategic advisor, and shareholder.
Blockchain, the underlying technology of Bitcoin was highlighted during Bitcoin Mania of 2017. This technology and its disruptive potential have been praised by Masters and other Wall Street Executives.
Companies with big names and high potential, from Amazon to J.P. Morgan are trying their hands on this technology and exploring the use in their own business. But none of them embraced cryptocurrencies.
From $20,000 last December to $3826 on Wednesday, Bitcoin plummeted around 80%. Blythe was a pioneer in Blockchain. After her departure, Former Uber Executive AG Gangadhar, who amalgamated Digital Asset’s Board in April, was appointed as a chairman and he will be acting as CEO until the firm appoints a new leader.
Masters talked about the firm and said, “Digital Asset has evolved from an ambitious idea to a truly global software engineering firm.” Masters also said in a statement, “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.
“We are operating closely with Digital Asset at all echelons on development, implementation and client readiness for the replacement system, and we expect to continue this work with AG Gangadhar and also the DA team,” Hiom said. Masters’ work with DA has helped advance DLT efforts, he added, saying that “she is a good friend of ASX.”
While ASX at the start planned to roll out its new system by 2020, Hiom aforementioned Wednesday that “the exchange will remain on track to bring DLT to plug by early 2021.” As such, ASX continues to believe that DLT will each “drive potency and stimulate innovation,” Hiom added that “We give thanks to Masters and wish her the very best.”