Last month, Goldman Sachs executive Roger Bartlett left the leading global investment bank after 16 years to join crypto exchange Coinbase, announcing on LinkedIn that it was “time to embrace the crypto economy” and that the change was a “once in a lifetime opportunity to be part of building the next stage of the digital evolution”.
It’s a sentiment held by many finance professionals and big tech execs, an increasing number of which – like Bartlett – are jumping ship, making the move into crypto in growing numbers, as they look to be part of, and cash in on, the rapidly rising cryptocurrency industry.
It’s a critical moment for policymaking in the crypto world. In the US, President Biden has just signed an executive order addressing cryptocurrency, as the country looks towards leading regulation and innovation industry-wide, as well as securing its own digital dollar.
According to Ross Stevens, founder and executive chairman of Bitcoin financial services firm, New York Digital Investment Group (NYDIG), there is an “increasing trend of top talent voting with their feet to propel Bitcoin’s inclusionary role as the De(Central) Bank, and its dual mandate as the ultimate risk-on asset and the ultimate risk-off asset”.
Allure of crypto economy – decentralisation and big bucks
This uptick in executive moves is a sign of the growing allure the crypto world holds for financial executives and tech pioneers who have perhaps already amassed a fortune but are keen to be part of the next disruption.
Part of the attraction, like Bartlett said, is contributing to, and being part of, the next digital evolution. While others see the ethos of web3, which strives to decentralise power and decision making, a major pull.
And the chance to earn big and quickly is also a pull for some, with the world of crypto proving lucrative for those prepared to take the leap of faith.
A recent New York Times report revealed that more than US$28bn has been invested into crypto and blockchain startups around the world in 2021, four times as much as in 2020, and this is only expected to increase in 2022.
Who is making the move to crypto – and where?
Some executives are leaving to start their own crypto or Web3 venture, like JPMorgan Chase’s best-known blockchain executive Amber Baldet, who left the bank in 2018 to do just that – co-founding decentralisation startup Clovyr. Others are joining already established and successful crypto startups like Coinbase – take Goldman Sachs former execs, Bartlett and Faryar Shirzad.
Others still are being cryptic about their crypto plans. Meta’s top crypto executive David Marcus left the tech giant late last year after seven years with the firm and is taking a break before possibly starting a new venture; while blockchain exec Christine Moy, an 18-year veteran of JP Morgan, announced last month that she was leaving the bank for a new, undisclosed adventure, posting on LinkedIn, “…as for my next world-building adventure, please stay tuned”.
And it’s not just in the US. In the UK, Revolut’s chief revenue officer Alan Chang announced this week he is exiting the British fintech to pursue a new crypto venture, according to Bloomberg. While in April last year, Konstantin Shulga, a former senior executive of Russia’s largest bank, Sber, co-founded crypto-over-the-counter service Finery Markets where he is now chief executive.
Here, we spotlight eight top US executives who have made the move, from leading banks such as Goldman Sachs and Citi and big tech like Google and AWS, to move into the crypto Web3 startup industry.
