Former top banker Blythe Masters used the blockchain to start her second career. Now, she seems to be done with it.
Blythe Masters used to be called the blockchain-diva, a reputation she earned the hard way. The former J.P. Morgan banker traveled the world to talk up the new technology and its potential in the financial services industry, and used her role as an ambassador for the software to boost her own career.
In 2015, Masters was the poster woman at «Bloomberg Magazine» and SIX, the Swiss exchange, also sought her advice.
Personal Reasons
Two years ago, Masters assumed control of Swiss blockchain specialist Elevence through her Digital Asset Holdings vehicle. The U.S. citizen eagerly praised Switzerland for having recognized the potential of the blockchain.
Now, the diva no longer wants to be one – or so it seems. The head of Digital Asset is stepping down from her position, according to a report by «Financial News» (behind paywall). The company cited personal reasons and didn’t further comment on the startup’s financial well-being.
Bitcoin Nosedive
Still, the blockchain and crypto industries seem to have caught a cold. Bitcoin, the flagship currency has dropped three quarters of its value against the dollar since the start of the year – it comes as little surprise that companies have started cutting back on staff.
If the same scenario were to become true at Digital Asset as well, it would be a repeat performance for Masters. She was one of the founders of credit derivate (CDS) which helped her climb the ladder on Wall Street starting in the 90s. It was those products however that fomented the financial crisis in 2007 and caused a billion-dollar loss at Swiss Re for instance.
This time round at least the damage collateral would be much smaller even in a worst case scenario.
