Real-time predictive marketplace Pivit has issued a portion of its upcoming $5 million investment round using distributed ledger technology from Digital Asset Holdings.
The transaction marks the first successful securities issuance by Digital Asset, the cryptocurreny outfit helmed by former JP Morgan big wig Blythe Masters.
Digital Asset worked with secure wallet platform provider Case, and blockchain security company Elliptic on the creation of the digitally-issued securities, which remain under the full control of Pivit and its investors.
“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,” says Masters. “The issuance is an important milestone in demonstrating the potential of blockchain technology"
Masters has been generating excitable headlines in the press lately with her outspoken opinions on the potential of the blockchain to spark a revolution in financial services. The banker who helped give the world credit-default swaps recently told Bloomberg: “You should be taking this technology as seriously as you should have been taking the development of the Internet in the early 1990s. It’s analogous to e-mail for money.”
The use of the blockchain for issuing shares in private markets has been documented in a new report from consultancy Aite, which expects spending on distributed ledger technology in the capital markets arena to grow from $75 million today, to $400 million by 2019.