Former JPMorgan executive Blythe Masters’ Digital Asset Holdings today ‘acquihired’ a Switzerland-based startup – Elevence Digital Finance AG. The move significantly increases Digital Asset’s technical team with eight more professionals, while also expanding its European presence with the opening of a Zurich office.
Elevence Chief Executive Officer, Dr. Vincent Peikert, will join Digital Asset as Head of Digital Asset Switzerland and Head of Product for Europe, and Dr. James Litsios, Chief Technology Officer, will become Head of Development, Switzerland.
“With this acquisition, we will harness the power of Elevence’s technology and its team of talented individuals to enhance our offering for the financial services industry,” said Blythe Masters, CEO of Digital Asset. “The resulting Digital Asset platform is specifically designed to address financial services applications requiring automation, privacy and immutability.”
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Explaining the move investment, Digital Asset says Elevence has developed a modeling language capable of expressing any right or obligation, including cash, securities and derivatives, whereby the code defines the considerations between parties, and determines how these contractual relations can evolve over time. This provides relevant parties with a unified view of current and future rights and obligations on a need-to-know basis, rather than revealing confidential information as in Smart Contract systems.
“Digital Asset is recognized as a leading provider of distributed ledger technology and has a remarkable team developing and deploying cutting-edge software for financial institutions,” said Vincent Peikert, CEO of Elevence. “This makes the company an ideal partner for Elevence, and joining forces will enable us to offer the broadest portfolio of solutions to the benefit of our customers.”
Elevence’s technology will be integrated into the Digital Asset software stack, combining modeled asset workflows with a distributed ledger to ensure that previously siloed records are synchronized and accurate. By building upon Digital Asset’s core technology, it will accelerate Digital Asset’s ability to scale globally.