The distributed ledger startup led by former JPMorgan executive Blythe Masters, Digital Asset Holdings has acquired two blockchain startups: Hyperledger and Bits of Proof. In the announcement the company says that Hyperledger, which specialized in permissioned ledgers with no native cryptocurrencies, will merge with the Digital Asset (DA) team.
Part of the acquisition agreement is that Hyperledger CEO Dan O’Prey become DA’s chief marketing officer while CTO Daniel Feichtinger join the company’s engineering team. Similarly, Digital Asset Holdings has acquired Bitcoin software startup Bits of Proof, a move that finds CEO and founder Támas Blummer joining as DA’s chief ledger architect.
Nonetheless, the ambitious acquisitions by Blythe Masters’ company shows just one thing and that is she is quite sincere about expanding his reach. In a statement, Masters said that the acquisition of the two startups enables her company “to help clients harness the power of distributed ledgers to serve their own customers”.
She was quoted saying:
We integrate financial infrastructure with a variety of innovative new technologies inspired by the blockchain. Different ledger technologies serve different purposes and all of those we integrate with are additive.
It appears that she is quite confident about the bright prospects of blockchain technology in finance, particularly, after NASDAQ Stock Market Management Company announced that it was going to use the tech for better management.
The Popularity of blockchain Technology increasing
The decision by Blythe Masters has come at a time when the scope and reach of blockchain technology is expanding like never before. A lot of people who have been observing the blockchain industry believe that the acquisitions come amid rising interest in blockchain technology among the world’s financial institutions shows she trusts the new Fintech.
Nevertheless, banks and other financial companies have been looking at both the use of the Bitcoin blockchain as well as private, permissioned blockchain as a way to reduce settlement times and increase the degree of trust between parties. In such a situation Blythe Masters cannot stay aloof and dictate the terms of modern Fintech.
Though a lot of details regarding the acquisition have come up, the sales amounts for the Hyperledger and Bits of Proof deals were not disclosed. Additionally, DA, Bits of Proof and Hyperledger also not agreeing to disclose much information that can help readers understand all facets and nuances of the acquisition.
To contact the reporter of this story: Deepak Tiwari at email@example.com