Just when most people thought that it’s about to succumb to scandals and controversies, bitcoin has again tried clawing itself on top. Remarkably, the first quarter of the year 2015 marks several developments that are really helpful for the ailing virtual currency. Worth mentioning are as follows:
Coinbase, a bitcoin wallet service provider, got an investment from the New York Stock Exchange.
TeraExchange became the first publicly-listed company that deals with bitcoins.
The Bitcoin Investment Trust of the Digital Currency Group likewise earned regulatory approval and became the first publicly-traded bitcoin fund.
And wait, there’s more.
Not so long ago, one of the most prominent financial executives has joined the ranks of a digital currency startup.
Last Tuesday, March 10, Digital Asset Holdings LLC announced that Blythe Masters will be spearheading their team as their new chief executive officer. Masters, a former executive of J.P. Morgan Chase & Co., is best known as a pioneer of the of credit-derivatives markets. The company looks forward for Masters to share her expertise in creating a secure trading platform for bitcoins. Most of all, she is expected to help close the gap between Wall Street and the digital currency industry.
Masters aims to combine the core features of bitcoin to the traditional financial system. The plan is to create a software that applies the digital ledger technology and the decentralized, peer-to-peer trade system to the existing financial policies like credit limits, audit trails, and checks or balances. That way, it would be a lot faster and a lot cheaper to trade assets. Most importantly, it’s going to be more secure and more efficient to move money. If their platform comes out successful, she expects capitalization of the bitcoin market to reach $5 billion.
In addition, Digital Asset Holdings plans to provide their customers the tools they need to digitize their traditional securities and other financial instruments.
Meanwhile, Masters’ entry in the digital currency trade does not necessarily mean she’s a fanatic of bitcoin. In fact, she looks at bitcoin as a medium of exchange rather than as an alternative currency. Those who’ve long envisioned a bank-free trade of digital currency may not like this. However, Masters has the right to say so.
Undeniably, the lack of transparency behind cryptocurrency has led to its abuse among criminals and drug syndicates. This has eventually put bitcoin on a hot seat and has been a subject of criticisms among lawmakers. It’s understandable most especially that most of its features can be easily exploited. As a result, customers’ confidence and trust towards digital currency melted down before it can even flourish.
These are just a few of the challenges that Masters will be addressing. She is not new to situations like these though as she has played a key role in innovating credit default swaps which helped alleviate economic crisis in the US.
This is obviously good news for the bitcoin community who has been hoping for the digital currency to come back strong. It’s a big relief knowing that its fate is in the hands of one of the best executives in the bank industry.Social tagging: bitcoins > Digital Asset Holdings > How to buy bitcoins with credit cards