It would be unfair to state that all bankers have changed their opinion on cryptocurrencies~, as some high-ranking individuals are still going into the field. Ronnie Wexler, a former partner at Goldman Sachs, is one of the individuals who appears to be through with crypto for the time being. However, there are also other people who feel the same way.
Most recently, Wexler worked at Goldman Sachs as the co-head of Americas equities distribution and execution from their office in New York. In August of 2020, he parted ways with the company to take a position as the worldwide head of business development for NYDIG, a bitcoin infrastructure fintech. Yesterday, he made his return to TradFi, in a post that is quite similar to the one he left about three years ago – he is going to become the global head of equities distribution at Barclays.
Despite the fact that Wexler’s new worldwide post has nothing to do with cryptocurrency, this does not bode well for the industry’s long-term prospects. However, the fact that he was able to secure a significant job in banking after working in the cryptocurrency industry is encouraging. Wexler is not the only individual departing from NYDIG, though. A number of people hired throughout the course of the past few years have since moved on, and not always into more advantageous positions. After working as an associate at Morgan Stanley, Stefan Dullinger decided to leave the firm and start working as an associate for Nomura before joining NYDIG.
Former NYDIG technologists have done well. After working with Capital One as a data engineer in the anti-money laundering department, Ian Fitzgerald moved on to join the NYDIG. He resigned in January to take a position as a data engineer in the commodities business of the hedge fund Balyasny, which he began in February.
Alex Stelmachonak has probably held the title of senior employee at the fintech company for the least amount of time. He joined NYDIG after leaving his position as a test automation architect at Millennium, although he stayed there for only eight months before moving on to Citi. His new role as chief architect of their test automation engineering platform reflects this accomplishment.
However, not all NYDIG grads have removed themselves from the cryptocurrency space. After spending more than a year assisting the company with the development of platform solutions, Rob Trefz Williams was promoted to the position of director of product strategy for the digital assets division of Fidelity Investments. Patrick Liou, a cryptocurrency trader, decided to remain with a crypto-native company and joined Gemini in March.
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