Hirani, Masters and Wilson apply bitcoin to settlement risk

Three derivatives market trailblazers are working together on a bitcoin-related venture, with the aim of using the crypto-currency’s underlying technology in the transaction of traditional assets. It could have profound implications for everything from foreign exchange to derivatives clearing


On March 11, three derivatives industry heavyweights – Sunil Hirani, founder of swap execution facility TrueEX; Don Wilson, head of Chicago-based proprietary trading firm DRW Holdings; and Blythe Masters, a 27-year veteran of JP Morgan who left the bank last year – announced the launch of a crypto-currency start-up called Digital Asset Holdings.

Details of the venture were vague. A press release announcing the launch claimed the firm had "developed a first-of-its-kind technology platform that

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