Jacob Dienelt, a former financial adviser at Morgan Stanley, has joined Factom, a cryptocurrency tech startup, as its head treasurer.
Factom, based in Austin, Texas, is one of a growing number of companies to utilize Bitcoin's underlying distributed-ledger technology, known as a blockchain, for purposes unrelated to payments or currency. Factom allows companies to audit and verify records over a Bitcoin-style blockchain; the servers maintaining the network are rewarded with tradable tokens, known as Factoids, which can be converted into nontransferable credits for entries in the ledger.
He will manage the funds raised from the token sale that Factom has made to support its development platform. So far this month, the company has raised 1,000 bitcoins, or about $250,000 at current exchange rates.
Dienelt left Morgan Stanley's private wealth management division Monday to take his new job.