Quantreq Capital Markets, a hedge fund for virtual or crypto assets, has started onboarding former Wall Street executives in its bid to expand operations. Seemingly, the hedge fund is not too bummed by the bearish slant of the crypto market and is optimistic about its expansion plans in the near future. Several well-known names of Wall Street, especially ones serving as bankers or traders, have made the switch to the company which is currently handling more that 1 billion dollars worth of assets.
The company has been planning to expand the volume of assets that is handled by them. Quantreq is the blockchain-oriented division of North Street Global, an American fund administration corporate. The firm has on-boarded former HSBC executive David Goldstein to serve as their COO (Chief Operating Officer). They have also signed on Josh Gibson of Citibank’s New York Institutional FX Desk.
The Chief Executive Officer of Quantreq, Alex Mascioli, has commented:
“We are extremely bullish in cryptocurrency and the fact that more institutional firms are coming into the market is a reinforcement that it is here to stay. With Fidelity’s big announcement this week and Goldman Sachs further investing in the space via BitGo, investment in experienced human capital to serve our institutional clients is a priority.”
Ever since crypto mania reached its peak last year and led to expansions in various crypto and blockchain companies, several of them have been recruiting executives from Wall Street and others employed in traditional financial institutions like banks.
Coinbase,one of the largest exchanges in crypto, for example, had recruited a former employee of the Charles Schwab Corp. Clearly, a large number of these firms, who are working in this emerging space of cryptocurrencies are feeling the increasing need to use the expert opinion of people who’ve worked in the finance sector for long and understand relevant regulations well.