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Crypto platform Matrixport hires well-known Coinbase exec to build US business
The splashy appointment comes as a number of crypto companies are cutting staff to maintain margins in a turbulent market. A source called his departure a "huge blow" to Coinbase Matrixport has landed a valued former Coinbase executive to lead the cryptocurrency investment platform's U.S. operations, according to two sources familiar with the matter. Anthony DeMartino, a Wall Street veteran, was most recently head of risk strategies, institutional DeFi and derivatives trading at Coinbase. The long title, said a source who has done business with the exchange, suggests DeMartino's departure represents a "big blow." Matrixport representatives confirmed the hiring. A …
Crypto platform Matrixport hires well-known Coinbase exec to build US business
- Die spritzige Ernennung erfolgt, da eine Reihe von Krypto-Unternehmen Personal abbauen, um ihre Margen in einem turbulenten Markt zu halten
- Eine Quelle nannte seinen Abgang einen „großen Schlag“ für Coinbase
Matrixport has landed an esteemed former Coinbase executive to lead the cryptocurrency investment platform's U.S. operations, according to two sources familiar with the matter.
Anthony DeMartino, a Wall Street veteran, was most recently head of risk strategies, institutional DeFi and derivatives trading at Coinbase. The long title, said a source who has done business with the exchange, suggests DeMartino's departure represents a "big blow."
Matrixport representatives confirmed the hiring. A Coinbase spokesperson did not respond to multiple requests for comment. DeMartino declined to comment.
Cynthia Wu, Matrixport's chief operating officer, told Blockworks that company executives believe DeMartino's "experience, passion and style are a very good fit for Matrixport."
Having previously spent time at traditional financial institutions - including executive-level positions overseeing aspects of emerging markets trading for Barclays and HSBC - DeMartino is known among industry participants for keeping a close eye on a deep Rolodex of Wall Street contacts.
Sources said this was particularly important to Coinbase's years-long push to develop something like a traditional prime brokerage - including lending, trading and clearing, and capital introductions. Although exchanges and other crypto financial companies have been working to develop such an all-in-one, plug-and-play product, most traders say it is still a pipe dream, resulting in a hodgepodge of different service providers based in different time zones to invest in different corners of crypto markets.
Coinbase recently announced significant layoffs in response to a market downturn that has eroded its once-lucrative trading fees. Although exchanges have tried for years to diversify their revenue streams to reduce reliance on such fees, the results have been mixed.
Matrixport, on the other hand, appears to still be looking for new employees – an outlier in a crypto landscape where most layoffs are judged to be better or worse than expected, but expected nonetheless.
The article Crypto platform Matrixport hires well-known Coinbase exec to build US business is not financial advice.