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Bitcoin Global News (BGN)

February 19, 2019 -- ADVFN Crypto NewsWire -- The COO from the world’s largest hedge fund just moved to the crypto-sphere, according to CoinDesk. If you are wondering why Thomas Kim chose to leave Bridgewater Associates for a crypto firm called trueDigital, the answer lies in Signature Bank.

Signature Bank, at its’ heart, is a real, licensed, traditional bank that deals in cryptocurrencies with regulatory approval. Their platform called Signet, was created in a partnership with trueDigital to settle large amounts of transactions with no middleman at all. Therefore, it would appear, in Signature Bank’s case, that automated clearing houses and similar systems are no longer needed.

At the same time, the Signet service is only open to institutional clients at this time, according to Signature Bank’s website. Still, adding to the platform’s utility is the report today that trueDigital plans to market its’ work with Signet as an example of how it can develop similar services for other large clients in the traditional financial space.

With Thomas Kim at the helm, who reportedly helped to lead Bridgewater Associates to a 14.6% yearly return on one of its’ funds last year, it would seem that trueDigital’s chances of doing so are sound.

Furthermore, if Signet continues to be able to successfully move millions of dollars on a private blockchain that is similar to JP Morgan’s proposed solution, then it may just render JPM Coin and its’ related network obsolete before they even begin to launch. Due to the fact that JP Morgan is flush with cash and influence due to its’ reputation on Wall Street, it is still reasonable to expect a fight either way. On top of this, in the end, however this situation shakes out, it would seem that private blockchains are not going away any time soon.

By: BGN Editorial Staff