Bybit is ramping up its focus on institutional clients. On Friday, it announced that its head of derivatives will take on an expanded role to drive this strategy forward.
Shunyet Jan, who has led Bybit’s derivatives business since joining the company in September, now carries the head of institutional title.
He held various roles at traditional finance giants Goldman Sachs, Morgan Stanley, JPMorgan, Merrill Lynch and Barclays Investment Bank. He more recently spent more than seven years at Tower Research Capital.
Jan’s experience serving sovereign wealth funds, pension funds, hedge funds and market makers helps him understand the specific needs of institutional investors, Bybit said in its Friday announcement.
Read more: Digital assets involvement becoming “inevitable” for more institutions
“I’m focused on positioning Bybit as the top choice for institutional clients by enhancing our custody solutions, expanding loan products and strengthening liquidity across the platform,” the executive said in a statement.
Zachary Fallon is returning to law firm Latham & Watkins LLP after leaving the firm 15 years ago. He will work as a partner within its emerging companies and growth practice.
Fallon spent nine years at the Securities and Exchange Commission’s corporate finance division and general counsel office. Latham & Watkins executive Tad Freese called Fallon an “exceptionally knowledgeable lawyer in the digital assets and crypto space” in a Monday statement.
In case you missed it, BitGo tapped Ben Reynolds last week to spearhead efforts around the USD-backed stablecoin that it launched in September.
Reynolds was previously the president of Silvergate Bank until March 2023 — when the company revealed its intent to wind down operations.
Read more: Silvergate’s shuttering caused by ‘intense regulatory pressure:’ Executive
“Ben’s outstanding track record of developing and scaling transformative digital asset payment infrastructure and deep understanding of stablecoins will be a significant asset to us, particularly as we expand the USD Standard network,” BitGo CEO Mike Belshe said in a statement.
We also saw some layoffs last week, with dYdX and Consensys among the crypto firms cutting staff.
Consensys CEO Joseph Lubin said his firm had trimmed 20% of staff (amounting to 160 or so people), while dYdX CEO Antonio Juliano said 35% of the core team was let go.
A day later, Kraken alluded to reported layoffs as the crypto exchange looks to shift its organizational structuring. The company, at the same time, named Arjun Sethi as its co-CEO.
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Source: https://blockworks.co/news/hires-within-institutional-offerings-stablecoin-efforts