Yesterday, ForexMinute reported that Anthony Watson, ex-CIO of NIKE joined a Bitcoin startup, today it is Jacob Dienelt, Morgan Stanley investment manager who is joining Factom, a Bitcoin technology company. With such stalwarts joining Bitcoin startups, it looks crystal clear that they see a lot of potential in Bitcoin ecosystem – this is indication of better days.
Nonetheless, as Factom is hiring the Morgan Stanley investment manager Jacob Dienelt as its head treasurer, the company says that his vast experience will be extremely useful. Incidentally, Dienelt co-founded the paper Bitcoin wallet company Lazzerbee while working at Morgan Stanley, where he had been for almost a decade.
The announcement from Factom declares that Jacob Dienelt most recently managed a team of futures specialists in the bank’s private wealth business. Talking to media professionals Dienelt said that after two years travelling to Bitcoin conferences, mining, and running a paper wallet company, he is glad to have found a home in the space.
Moreover, as new startups are trying to attract the assets from other successful financial solutions providers, they definitely are going to benefit from such moves. Dienelt is the latest example of so-called Bitcoin 2.0 firms poaching talent from Wall Street. Another example is of Blythe Masters, former head of commodities trading at JPMorgan Chase & Co.
People from Fortune 500 Companies Joining Bitcoin Startups
She became chief executive of Bitcoin trading firm Digital Assets Holdings LLC. Similarly, former New York Stock Exchange Chief Executive Duncan Niederauer became an advisory director at Bitcoin derivatives exchange Tera Group. Now it has to be seen how much difference that the experienced professionals bring to the Bitcoin companies.
Though there is not much to know about Factom, the official website says that it is distributed, decentralized protocol running on top of Bitcoin. Meaning, nobody controls it, but that it is software that people all over the world run to make the protocol work. Nonetheless, Factom.org is releasing and maintaining the software.
However, the software is open source, and anyone is free to use it for any purpose. The website says that Factom is a method of creating an immutable audit trail and it is also a mechanism to communicate changes in a system. If your application needs a central server to coordinate processes, you might be able to eliminate the central server in favor of using Factom.
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