BitGo Hires Former Wall Street Forex Trading Exec

Crypto custody provider BitGo has hired Nick Carmi, former head of forex trading at a number of Wall Street banks.

Carmi became BitGo's head of financial services, joining the company after working at Tower Research Capital, an asset management firm where he was a global head of the fixed income instruments, currencies, and commodities business.

"When we got into trading crypto we quickly realized there is a big gap in the market," he said.

"If you look at the current equity market, you can buy IBM stock from Goldman Sacks, then hang up the phone and immediately sell it to J.P. Morgan," he said.

He wouldn't go into details of his future work at BitGo but he does want to try to fix the trading problem.

"The plan is to build a solution that will allow the institutional clients to get into the crypto space and participate in it as easily as it is for them trading other financial products like equity, fixed income and foreign exchange," he said.

Working at an asset management firm, Carmi saw demand for crypto trading from many institutional investors, including pension funds and family offices, but found there was no infrastructure in place that help get them comfortable with this market.

"Foreign exchange is becoming very boring, it's very oversaturated. Equities can't get any more boring. The institutional investors are looking for new outlets to trade and invest."

"Nick brings the right type of experience for BitGo to bridge between the complex technology of digital assets and the traditional financial markets," said Mike Belshe, CEO of BitGo.

"Nick will be critical to our future progress, helping us meet the existing needs of traditional clients while also helping us build a better financial market of the future in ways that can only be done with digital assets."