Digital Asset Loses CEO Masters

Digital Asset, the blockchain software company, is losing chief executive Blythe Masters, who is leaving for personal reasons, reported the Financial Times.

Citing a statement from the company, the Financial Times reported Masters, who has been in her role for close to four years, is leaving Digital Asset for “personal reasons.” Masters, a former executive at JPMorgan Chase, has become a leading player in the blockchain industry. She plans to stay on as a board member, strategic adviser and shareholder of Digital Asset, noted the report. Under Masters’ charge, the company went from a developmental-stage company to inking deals with global businesses and exchanges. Digital Asset works with companies to get them to use blockchain technology, and according to the report, is a leading designer of blockchain software. Its also a well-funded one, raising a total of $100 million as of last October when it raised $40 million from Jefferson River Capital, LLC, the family office of Tony James, president and chief operating officer of private equity firm Blackstone. It has funding from some of the world’s largest banks.

“She had a pretty big impact because she was one of the only proponents of blockchain in the early days,” said a person in the industry in the Financial Times report. “She was important because of what she did at JPMorgan, where she was seen as an innovator. She brought the [blockchain] sector credibility at a time when there wasn’t much experience.” Masters is also among the only women in the blockchain industry to serve in a senior role. Its something Masters highlighted at a conference this year when she was quoted as saying there is an “advancement problem” for females in technology that is even worse than what is going on in financial services.  With Masters stepping down, Digital Asset has named AG Gangadhar, who came on as a director in April, as chairman and acting chief executive until a replacement is named.