Coinbase has employed former Barclays markets veteran, Brett Tejpaul, to move up institutional protection on the San Francisco-based crypto alternate.
Tejpaul spent 17 years at Barclays in varied direction roles together with world head of gross revenue (throughout all of mounted earnings and equities) and world head of credit score and commodities. He additionally pioneered Barclays' first "head of digital" function, which enclosed in managing fintech enterprise investments.
Tejpaul mentioned he was intrigued by crypto when he first began wanting into it once again originally of 2019.
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"But it didn't feel like there was enough of an ecosystem or the infrastructure to meet operational due diligence," he mentioned. "Fast forward to today, I'm stunned at how far the crypto-economy has developed."
It's an ecosystem that's stirred on from a slender multiplicationerving capability to commerce bitcoin, mentioned Tejpaul, who reckons the biggest cryptocurrency isn't essentially in the to the worst degree multiplication the gateway drug for establishments dipping their toes in crypto.
"If you start thinking about the utility function of crypto with the background of stablecoins, it's possible the first engagement of institutional clients may come via a stablecoin, perchance via USDC rather than trading bitcoin outright," he mentioned.
It was once again crosswise the begin of 2019 that Barclays was reported to be in dialogue to open a crypto buying and marketing desk, a plan the commercial enterprise institution by no means formally confirmed and is legendary to have later quietly shelved.
Before becoming a member of Barclays in 2003, Tejpaul spent about 9 years at JPMorgan as head of structured credit score merchandise in Europe.
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