Factom has recruited Morgan Stanley asset management veteran Jacob Dienelt as Head Treasure of the blockchain technology startup.
Dienelt is the latest Wall Street veteran to join the cryptocurrency sector. Following the March move of Blythe Masters, a former JP Morgan Chase & Co Executive, to Digital Assets and the December 2014 move of Paul Camp, former JP Morgan Managing Director, to Circle Internet Financial, Dienelt of Morgan Stanley Private Wealth Management has joined Factom in the midst of its token crowdsale.
Factom, which is providing a data layer on the Blockchain for distributed applications, has hired Dienelt to help handle Bitcoin asset management side of the token sale, from which Factom hopes to raise funds for development and expansion.
Entering the second week of the crowdsale, Factom has sold 2,842,337 tokens at 1 bitcoin for 2000 Factoids. The price of Factoids will gradually increase to incentivize backers to get in sooner rather than later. From today – 7th of March, the Factoid count per bitcoin starts falling by 100 every seven days. From 5th of May, the price will be set at 1 bitcoin for 1500 Factoids for the last 10 days of the crowdsale.
Dienelt will be handling the funds raised from the digital token sale. On leaving his Wall St job Dienelt stated:
After two years traveling to Bitcoin conferences, mining, and running a paper wallet company, I’m glad to have found a home in the space. Factom is the first non-financial application of the distributed ledger technology that will, over the next decade, change how people prove their data is authentic, and so much more. I spent almost 10 years at Morgan Stanley, and I’ll miss my friends and clients dearly. I just couldn’t miss an opportunity to help shape such an important ecosystem as it develops. I’m very excited to be working with [founders] Paul, David, Peter, and the rest of the team.
Similar blockchain technology companies announced recently their plans for technology improvements with the Bitcoin Blockchain, namely side-chains for Blockstream and tokens for the Internet of Things with Colu.
As it has entered its crowdsale phase, Factom has been aggressively making partnerships including collaborations involving Bitcoin price stability with Tether, documenting Gold exchange trades with Serica and Vaultoro separately, and providing notarized audit trails for the Internet of Things with Rivetz. Last week, Factom revealed a partnership with Shapeshift to after the crowdsale finishes make Factoids available on its instant exchange platform, which support 25 other cryptocurrencies and bitcoin.
David Johnston, Factom’s Chairman of the Board, commented on the addition of Dienelt:
As the worlds large companies and institutions begin adopting blockchain technology, it naturally follows that their top people will get involved in projects such as Factom in order to be leaders in that transition.
Johnston is referring to the latest trend of Wall Street executives who have left to join Bitcoin companies despite the public skepticism Bitcoin has received from banking executives.