Bitcoin Start-Up Executives Joined Team for Uphold
Bitcoin Start-Up Executives Joined the Digital Money Platform
John McDonnel, the co-founder and CEO of Bitnet together with Jiri Novak, the chief data architect are now part of the leadership team of Uphold. Former Bitcoin start-up executive McDonnel will now serve as the Uphold Merchant Services CEO. The two executives have joined the startup a few months after the e-commerce Japanese firm Rakuten bought the assets of Bitnet. As a result, the previous employees of Bitnet namely Stephen McNamara and Fergal Downey became part of the new team of Ruketen’s blockchain laboratory. The Japanese firm uses Bitcoin company’s assets to fire up the effort.
Now Uphold CEO, McDonnel said:
“Uphold is uniquely positioned as the first ‘cloud-based’ financial services platform that leverages the operating efficiencies of blockchain technology while providing access to the legacy bank and payment networks.”
Uphold to Bitcoin
Uphold is not a Bitcoin company, but a digital money platform. McDonnel and Novak are now part of the new offering of the company which they called “Uphold Merchant Services”. This aims to give payment service and financial services to enterprises which are using the Uphold platform.
Uphold was previously known as “Bitreserve” which was founded by Halsey Minor, the CNET founder. Bitreserve was launched formally later in 2014. It was rebranded as Uphold later on. Uphold CEO, Anthony Watson said that Bitcoin relevance to their company is, mainly, it is a means to an end.
Uphold permits the users to convert Bitcoin and other cryptocurrencies such as Ethereum and Litecoin into cloud money, in 29 currencies (rupee, yen, euros, dollars and others. Users can also convert Bitcoin to other metals like Palladium, Platinum, Silver and Gold.
Uphold has an open API as well and has expressed interest in helping the remittance market by partnering with Elektra and the Salinas Group, a retail outlet. According to the World Bank, the remittances getting from the United Stated to Mexico only is already running to approximately 22 Billion US Dollars as of 2014.
Uphold Acquired Bitnet
Bitnet was supposedly a competition to the payment giants Bitay and Coinbase, but after executives started leaving out the Bitcoin start-up company started to struggle.
As part of the deal, Bitnet was also acquired of Uphold upon the arrival of the two Bitcoin start-up executives to their company. The announcement of executives joining the Uphold team happened after two years that Bitnet announced that they have gathered 14.5 Million US Dollars in a funding round series. That round was led by the Highland Capital Partners. Part of which is the participation made by Rakuten, the e-commerce Japanese company which led to Bitcoin payments acceptance.
Uphold is the very first financial service as for the moment to publish reserve in real time. When we speak about the significance of the company solvency and Reservchain, Minor said that it will permit the users to construct, at any given time, a precise balance sheet for the company. He also added that this will be their definitive record of their obligations to their members.