The name Blythe Masters is well-known in the Bitcoin community. Blythe Masters is a former JP Morgan Chase & Co. executive, who currently runs a blockchain startup company called Digital Asset Holdings, LLC. Quite the change from filling the role of Global Head of Commodities at J.P. Morgan, But Blythe Masters embraced the challenge presented by the Bitcoin ecosystem.
Pivit Raises Funding Thanks to Digital Asset Holdings, LLC.
In the financial ecosystem, companies looking to raise funds are nothing new under the sun. Every entrepreneur on the planet thinks he or she has the perfect idea of the “next big thing.” Bringing that idea to fruition, however, requires a lot of time, effort, and money. Rounds of funding are a regular occurrence in the financial sector, but also in the world of Bitcoin and other virtual currencies.
Pivit is one of these startups looking to secure additional funding. This mobile and online gaming application is owned by Binary Events Network Inc., which was founded by Gregory DePetris, John McNamara, and Jason Finch. Some of those names might ring a bell, as both Gregory and John co-founded a company called Intrade a few years ago.
As a result, Pivit is an extension of the services offered by Intrade. By allowing users to predict the outcome of any global event — including politics, sports, and finance — virtual points can be earned. All Pivit users will be ranked on leaderboards within the application, giving them an incentive to be an active platform, user. To top it all off, the best-ranked Pivit users will receive prizes.
Gregory DePetris explained Pivit as follows:
“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 marketplace, but it doesn’t come across looking like one.”
This is where Digital Asset Holdings, LLC. comes into the picture, as Pivit is using their technology to explore the potential of digital ledgers. Blockchain technology can be adapted to suit any form of need, which is the business model embraced by Blythe Masters and Digital Asset Holdings, LLC. Possible use cases include, but are not limited to financial repo market, syndicated loans, and securities settlement.
To put this into a proper perspective: Pivit raised its $5m USD in funding by using the technology offered by Digital Holdings LLC. A minority portion of Pivit’s convertible notes has been issued using digital ledger software, creating a different experience for investors. Furthermore, this digital ledger technology improves accountability for Pivit as well.
Prediction Market Similarities with Bitcoin-based Augur Project
Pivit is very similar to a well-respected decentralized prediction market called Augur. Bitcoin enthusiasts from all over the world will have heard the name Augur before, as this project is being dubbed as a “game changer for virtual currency”. At the time of publication, an alpha version of the decentralized Augur prediction market had been released a while ago, which showcases the basic features offered by this project.
Prediction markets are becoming a new trend in the world of finance and technology. The outcome of certain major events is speculated upon by many, yet it is difficult to get a proper grasp of all factors influencing the outcome. Both Augur and Pivit want to create a platform to educate consumers about these different aspects while offering a legal option to “put their money where their mouth is”, so to speak.
To keep these predictions fair, using a decentralized ledger — based on Bitcoin’s blockchain — seems to be a perfect fit. Transparency and accountability play a key role in prediction markets, and it is difficult to find an alternative that offers the same functionality as Bitcoin’s blockchain does. Only time will tell whether or not these types of projects can become a mainstream success or not though.
What are your thoughts on Pivit and the involvement of Blythe Masters’ involvement in the round of funding? Let us know in the comments below!
Source: WSJ MoneyBeat
Images courtesy of Pivit, Augur, Digital Asset Holdings, LLC., Shutterstock