March 1, 2016 / 5:13 PM / 2 years ago

Former wealth management executive joins Digital Asset Board

NEW YORK (Reuters) - Digital Asset Holdings LLC, a New York-based startup focused on blockchain technology in the financial services industry, said on Tuesday that Sallie Krawcheck, former head of Bank of America Wealth Management, has joined the company’s board.

Sallie Krawcheck, the former president of the Global Wealth & Investment Management division of Bank of America, speaks during the Reuters Wealth Management Summit in New York in this file photo dated June 3, 2013. REUTERS/Shannon Stapleton

Krawcheck also served as the chief financial officer of Citigroup. Currently, Krawcheck is the CEO and co-founder of Ellevest, a digital investment platform for women to be launched this year, according to statement from Digital Asset.

Blockchain, the underlying technology behind bitcoin, is a digital tool for recording and verifying transactions. The technology makes it easier to create cost-efficient business networks without requiring central control.

Earlier this year, Digital Asset completed a fund-raising campaign in excess of $60 million from a range of strategic investors including Goldman Sachs and IBM. As part of the round, Digital Asset announced that it was expanding its board of directors.

Reporting by Gertrude Chavez-Dreyfuss; Editing by Tom Brown

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