JPMorgan Loses Top Executives to Crypto Firms
Coinspeaker
JPMorgan Loses Top Executives to Crypto Firms
This week would go down as a significant one in the growing interest and migration of workers from the traditional banking industry to the crypto space. During the week, three top executives at the foremost United States-based bank, JPMorgan, left the company to join the different firms within the crypto space.
The timing of this career change is even more significant because it is happening when the crypto industry is experiencing a meltdown that has led to the loss of billions of assets and the fall of the industry’s market cap to less than $1 trillion.
The first of the three executives who left JPMorgan is Samuel Shah. Shah, until his exit, was head of the bank’s Ideation and Digital Innovation department.
In a LinkedIn post, Shah revealed that he has now joined Digital Currency Group, the parent company of digital currency investment firm Grayscale, as its Head of its Corporate Development Department. He wrote that he was thrilled about his new role in the crypto-focused organization.
Another top Executive who left JPMorgan is Eric Wragge. The bank’s former managing director has joined Web 3 firm, Algorand Foundation.
His arrival at the firm was announced in a blog post. According to the post, Wragge will head its investment committee and at the same time lead several global initiatives and strategic partnerships in both traditional capital markets and decentralized finance.
At his new job, the former top bank executive will report directly to the Chief Executive Officer of Algorand Foundation, Staci Warden.
In the post, Wraggle noted that his arrival at the firm is strategic because he would be bringing on board his years of experience at JPMorgan.
“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,” wrote he.
The last of the trio who left JPMorgan this week is Samir Shah.
Shah, who joined the bank 12 years ago, was the head of asset management sales and digital solutions. Like Wraggle, he has now joined the Web 3 world through investment firm, Pantera Capital where he has taken over as the Chief Operating Officer.
In a post on LinkedIn, he described the development as a bitter-sweet one. “After 12 fantastic years with JPMorgan, it is bittersweet for me to share that I will [be] starting a new professional chapter,” he wrote.
He added that he is thrilled about his new role at Pantera Capital.