Former senior JPMorgan Chase & Co. executive Blythe Masters is heading a cryptocurrency startup that aims to overhaul the way traded assets are settled and recorded.
Masters, who helped develop credit-default swaps two decades ago, was named Tuesday as the chief executive officer of Digital Asset Holdings LLC. The New York-based company plans to use bitcoins and blockchain technology for settlement and record-keeping of the likes of stocks, mortgages, or loans.
Bitcoins are part of an anonymous, decentralized network protected by cryptographic codes that works outside the banking system. Computers communicate with one another to verify transactions on bitcoin's public ledger, called the blockchain. Cryptocurrencies have been criticized for their potential in illicit deals and are known for their embrace by libertarians.
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