BTC Wires

JP Morgan Executive Joins Crypto Startup Tradewind Markets

Michael Albanese, a JP Morgan executive has left the firm to lead a new crypto startup called Tradewind Markets as the Cheif Executive Officer (CEO). Tradewind Markets is a new fintech startup focusing on digitization of precious metals through the use of blockchain technology.

As per the announcement, Albanese would leave his lucrative post of global head of agency collateral management at JPMorgan to take up day-to-day leadership of Tradewind. Tradewind’s executive chairman Blake Darcy was quite elated with Albanese decision to head the startup and said,

“Michael is a leader with significant experience working with corporations, creating capital-efficient products, operating at scale, and delivering value to shareholders. The Board and I are confident that he is the right person to take Tradewind to the next level in our global pursuit of a more efficient, transparent, secure and cost-effective precious metals ecosystem”

What Does Tradewind Do?

The fintech startup is focused on digitizing the precious metal with the use of Distributed Ledger Technology (DLT) and aim to streamline custody, trade execution, settlement and the maintenance of supply chain information. Tradewind also boasts of backing by some of the giants in the gold mining industry namely Goldcorp Inc., Agnico Eagle Mines (AEM) and IAMGOLD Corp (IAG).

Tradewind Markets is focusing on creating a digitized market for the precious metal which is one of the industry which haven’t be explored by many. With the use of DLT, Tradewinds can help to store your precious metal on a blockchain, so that one does not have to be dependent on banks for its safety or custody.

Albanese believes the startup can change the perception of the community on how the physical assets are traded and mobilized until now. He explained further,

“Clear opportunities exist to improve how physical assets to trade, settle, are custodied, and are mobilized as collateral — both in the precious metals space and beyond”

JP Morgan the elite financial institute itself was a big naysayer of the crypto space and its executive often indulged in Bitcoin bashing calling it a sham and a bubble waiting to be busted. However, as the crypto markets grew stronger and more people and the government started showing interest JP Morgan also jumped onto the bandwagon and launched their own crypto stable coin called JPM Coin.