Two bitcoin startup executives have joined the leadership team for Uphold, the digital money platform.
Bitnet CEO and co-founder John McDonnell and chief data architect Jiri Novak will become part of a new offering called Uphold Merchant Services, which will aim to provide payment and financing services to businesses that use the Uphold platform. Bitnet was acquired as part of the deal.
McDonnell and Novak join the startup months after Japanese e-commerce firm Rakuten acquired Bitnet's assets. Former Bitnet employees Fergal Downey and Stephen McNamara would go on to become part of a new blockchain lab founded by Rakuten, using the company's assets to kickstart that effort.
McDonnell, who will serve as CEO of Uphold Merchant Services, said in a statement:
Image via Shutterstock
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Bitnet.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.