Bitreserve hires former MasterCard CISO Dennings

Bitreserve hires former MasterCard CISO Dennings

Bitreserve has hired former MasterCard security executive William Denning, and introduced what it claims is the world's first zero-cost money transfer and currency exchange service.

Founded in 2013 by CNET creator Halsey Minor, Bitreserve is a cloud money service that lets users hold, access and move currencies and commodities, bypassing traditional financial services firms and their fees. The startup says that it is now making it free to change, transfer and send any of nine supported currencies on its platform.

"By offering our members free money transfers and currency exchange, we hope to transform the global financial system into one that is fair, inclusive, accountable and transparent -- a system organized for the benefit of all people everywhere," says Minor.

The move comes on the heels of a major recruitment coup which sees the firm poach Nike chief information security officer William Dennings. Dennings joined Nike in 2013 from MasterCard, where he was also CISO. That move is now at the centre of a lawsuit between the two firms, with MasterCard suing Nike alleging that the latter conspired with Dennings to poach MasterCard security employees.

Dennings follows his former boss at Nike, Anthony Watson, who recently left his position as CIO at the sportswear giant and is now president and COO at Bitreserve.

Says Watson: "Bill’s leadership will be instrumental as we continue to drive, innovate and fortify world-leading ‘Anti-Money Laundering’ and ‘Know Your Customer’ programs designed to uphold the safety and security of our members information and deposits."

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