Digital Asset Holdings LLC, a blockchain startup led by Former JPMorgan Executive Blythe Masters have issued its first crypto-security for Pivit, an interactive marketplace that uses public opinion, news, and other data to produce odds on global event outcomes in a variety of categories including sports, finance, and politics.
“Digital Asset is proud to have provided the technology to permit Pivit and its investors to take advantage of the efficiency, speed and security of issuance of a private security on the blockchain. The issuance is an important milestone in demonstrating the potential of blockchain technology,” said Masters in a statement.
Digital Asset Holdings partnered with a New York-based secure hardware wallet developer and manufacturer Case and London-based blockchain security company Elliptic to securely issue the securities to Pivit and its investors.
Utilizing Case’s biometric security system, Digital Asset Holdings have created a method of distributing and maintaining the crypto-security for companies.
The Case team said:
“Maintaining a high level of internal controls is vital to ensuring the integrity of issued financial assets. Enterprises currently take the unnecessary risk of information spillage by using processes that inherently have single points of failure, and multiple hops where such a failure can occur. Case eliminates single points of failure by facilitating direct exchange between parties within a fully auditable cryptographically secured system, therein increasing Information Governance.”
The technologies of Elliptic and Case Inc. will enable the clients of Digital Asset Holdings to take advantage of blockchain technology to transfer assets safely and quickly.
“Blythe Masters and the Digital Asset team are positioned to bring together a wide variety of constituents from the financial community,” said Pivit director and co-founder Greg DePetris, in a statement. “And we’re excited to be in a position as a company to take advantage of the efficiencies being created through the institutionalization of blockchain technology.”
“Our goal is to connect people to content and do that in a way that is interactive with events they care about. It’s a polling mechanism, but not really, and it’s a market place, but it doesn’t come across looking like one.”
The issuance of Pivit’s crypto-security is a part of a US$5 million funding round, which is set to be completed by the end of this month. Upon securing the investment, Pivit will distribute its crypto-security to its investors.