Banking veterans who have steered divisions at HSBC, Citigroup and Merrill Lynch in the Asia-Pacific region are ditching traditional finance to invest in cryptocurrencies.
- People familiar with the matter told CoinDesk that Joseph Chang, head of equities trading and prime finance at Merrill Lynch, HSBC and Citigroup Asia-Pacific from 1997 to 2016, and Grahame Webb, formerly head of technology for HSBC and Citigroup Asia-Pacific prime finance and securities services, have been trading cryptocurrencies since June through a new Hong Kong-based fund, Liquibit Capital.
- Liquibit Capital, also managed by a former Barclays Capital vice president and two current JPMorgan and Wells Fargo technicians, will manage assets worth $50 million, the people said.
- Liquibit is said to arbitrage a portfolio of bitcoin, bitcoin cash, ether, litecoin and eos, custodied with Fireblocks.
- It is expected to expand to trading derivatives, options and futures on BitMEX, Huobi, OKEx and Deribit â cryptocurrency exchanges with a largely Asia-based presence.
- Chang, now Liquibit Capitalâs chief investment officer, said regulatory bloat and a surplus of middlemen at investment banks convinced him and his partners to switch to cryptocurrency markets.
- Webb, chief technology and operating officer at Liquitbit Capital, has also previously structured custody and clearing architecture for securities flowing between wealth managers.
- âMisleadingâ Term Stablecoin Should Be Ditched, Says ECB
- US Space Force Enlists Blockchain Firm to Deploy Hack-Proof Data Defenses
- Digital Euro Would Provide Alternative to Cryptos, ECB President Lagarde Says
- JD.com to Build Apps for Chinaâs Digital Yuan Project: Report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.