The “Blockchain Queen” has trouble raising funds

Blythe Masters, a former JPMorgan Chase executive known as the "CDS Queen" of Wall Street, seems to have had some troubles recently. According to the New York Times, the blockchain startup Digital Asset Holdings, led by her, has encountered some trouble in financing.

The New York Times said Blythe's former employer, JPMorgan Chase & Co., has pledged to invest $7.5 million in the company, but other investors have raised questions about the deal.

Major banks, including Goldman Sachs and Citigroup, were reluctant to finalize the deal, arguing that it was more favorable to JPMorgan and that they were getting inferior terms.

More seriously, some potential investors may have doubts about the actual software product Digital Asset offers. The company plans to use blockchain to reduce settlement and clearing times for existing financial firms, but has so far acquired its technology through acquisitions.

“The deal needs to be improved so we will participate,” an anonymous executive at a financial company told the New York Times. “That didn’t take a lot of convincing.”

According to a report published in the New York Post, Digital Asset hopes to raise 3500万-4500万美元in this round of financing, valuing the company at 1亿美元.

The news is significant as Masters has been the figurehead of the blockchain industry since she took over as CEO of Digital Asset in March of this year and has been reportedly working to promote the technology to Wall Street institutions.

Digital Asset was officially launched in early 2015 and has recently become very active, announcing its participation in an open source blockchain project led by IBM.

However, a representative from Digital Asset denied the New York Times’ claim. As of now, it has not been confirmed whether the report is true.

Original article: http://www.coindesk.com/blythe-masters-blockchain-startup-funding-struggle/
By Daniel Palmer
Compilation: Overnight porridge
Source (translation): Babbitt Information (http://www.8btc.com/dah-funding-struggle)