Wall Street Veteran Appointed As Head Of BitGo’s Financial Services Department

  • BitGo appoints Nick Carmi as the new head of financial services.
  • Carmi plans to bridge the gap in the ease of trading for cryptocurrencies, mimicking the traditional market.

BitGo is a well-known company in the crypto work for their blockchain security efforts and cryptocurrency custody services. However, in a recent press release that came out on May 9th, the company has chosen a new head of financial services – Nick Carmi.

Carmi has over two decades of experience as a financial executive, most recently working at Tower Research Capital as the Global Head of FICC Business. Tower Research Capital was founded by Mark Gorton, who used to be a proprietary trader with Credit Suisse.

CEO Mike Belshe of BitGo said that this new hire was due to the efforts to create a better connection with the traditional world of finance and the innovation of digital assets. He added that Carmi comes to the company with “a wealth of industry knowledge,” and has created system like this one before. Furthermore, Belshe stated that Carmi’s experience will help them create “a better financial market of the future in ways that can only be done with digital assets.”

In the press release, the company says that Carmi was in charge of handing operation risk, broker leverage, and trading limits. He also made it possible for consumers to access NDFs, CCY Operations, and cryptocurrencies. His transition to cryptocurrency was to help with the trading of cryptocurrencies with as great of ease as with the traditional market. He pointed out that it is easy to purchase a stock from one place and sell it moments later, adding that the same flexibility should be implemented in the crypto market.

While Carmi has not gone into much detail about what he will be working on with BitGo in the future, but the trading issue is a primary concern. He aims to “build a solution” that makes it just as easy for institutional investors to be involved in the crypto space as they are with trading in stocks. On his own interest in the industry, he called foreign exchange “very boring” and “oversaturated.” He added that the institutional investors want something interesting and new to trade and invest in.

Before his work with Tower Research Capital, Carmi worked as a direct in Listed and OTC Clearing Sales with Deutsche Bank. He was directly involved with the Equity Derivative Franchise of the bank, helping to create an OCC clearing service and establish Fixed Income Prime Brokerage for Treasury and Repo services. He also has worked with multiple traditional financial institutions around the world, including Barclays, Lehman Brothers, UBS, and Credit Suisse.

Yesterday, Bitstamp announced the hire of Hunter Merghart, who has experience in the crypto industry with Coinbase, as well as the traditional finance industry. Merghart will be in charge of the operations of Bitstamp in the United States.

BitGo managed to secure a security certification for its compliance from Deloitte, a Big Four auditor, last month. In the audit, Deloitte found that BitGo had completed the necessary requirements for a service organization control (SOC) 2 Type 2 certification.

To read the full press release on Carmi’s hiring with BitGo, view it here: https://www.businesswire.com/news/home/20190509005313/en/BitGo-Appoints-Nick-Carmi-Head-Financial-Services.

The views and opinions expressed in the article Wall Street Veteran Appointed as Head of BitGo’s Financial Services Department do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research..

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