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While the current crypto market downturn has recently sent the prices of Bitcoin (BTC) and Ethereum (ETH) to their lowest levels this year, the digital asset sector still managed to attract top-level people from traditional finance this week. Three executives have reportedly left their respective posts in global banking giant JPMorgan to try their luck in the crypto industry.
One of the latest former JPMorgan executives who took the plunge is Eric Wragge, who used to be a managing director with 21 years of tenure at the bank. He left his post to join the Algorand blockchain as its head of business development and capital markets, Coindesk reported.
In a blog post, the Algorand Foundation announced that Wragge will lead global initiatives and strategic partnerships in traditional capital markets and decentralized finance (DeFi). He will also chair Foundation’s Investment Committee while reporting to Algorand Foundation CEO Staci Warden.
“Coming from a leading global investment bank, I understand the uncompromising performance requirements for a layer 1 blockchain to compete against and improve upon many aspects of traditional finance,” Wragge said.,
“Algorand’s high transaction throughput, immediate final settlement, sub-penny transaction costs, and minimal carbon footprint all so clearly differentiate Algorand from other chains, that it seems obvious the world ought to be utilizing Algorand as the blockchain platform of choice,” he added.
Meanwhile, Puja Samuel, just announced a new crypto job this week as head of corporate development of Digital Currency Group, Coindesk’s parent firm. Samuel is the former head of ideation and digitization at JPMorgan.
“I am excited to help build out new strategic partnerships alongside an energized team that is driving change across the financial system,” Samuel said.
The third former JPMorgan executive to leave the bank for a crypto job is Samir Shah, who was formerly the bank’s head of asset management sales. Shah left the bank to work at the crypto-focused investment firm Pantera Capital as its chief operating officer.
“As for my next step, I am thrilled to share that I will be joining Pantera Capital as chief operating officer. Pantera is one of the industry’s leading investors in blockchain technology, and I’m excited to partner with Dan Morehead, Joey Krug and the broader Pantera team to help take the organization to new heights!” he said.
