In the face of a declining cryptocurrency market and the resulting layoffs in prominent crypto companies, traditional finance executives are still finding the prospect of a career in crypto appealing.
On Wednesday, European crypto exchange-traded fund (ETF) provider 21Shares announced three significant hires to strengthen its presence in France, Germany, and the United Arab Emirates.
One of the new hires is Marina Baudéan, who will be heading the operations in France, Belgium, and Luxembourg. Baudéan, who previously worked for over 15 years at Barclays, believes that crypto represents the future of technology and is here to stay, regardless of market fluctuations. She draws a parallel between the early days of digital trading and the current state of crypto, stating that transitioning from traditional finance to crypto was a natural step for her. The growth and momentum surrounding crypto motivated her to make the move.
Oliver Schäfer, the new head of Germany at 21Shares, also brings a wealth of experience from the world of traditional finance. With over 15 years at JPMorgan, Schäfer decided to venture into crypto after investing in it in 2020. He firmly believes in the long-term potential of crypto and sees it as an exciting opportunity. Schäfer acknowledges that Jamie Dimon, the CEO of JPMorgan, has criticized cryptocurrencies in the past, but he points out that many institutions have since embraced crypto assets after initial skepticism.
Sherif El-Haddad, previously the head of asset management at Al Mal Asset Management in Dubai, has joined 21Shares as the head of the Middle East. El-Haddad is a firm believer in the underlying fundamentals of cryptocurrencies and anticipates significant growth in the coming decade. He had previously attempted to launch a physically-backed crypto ETF at Al Mal but was unsuccessful in getting it approved.
These recent hirings by 21Shares demonstrate the resilience of the crypto job market despite the bear market and widespread layoffs. While major players like Coinbase and Gemini have had to let go of up to 20% of their workforce due to challenging market conditions and the looming economic recession, other crypto firms like FTX and Binance have continued to expand their teams during this ongoing crypto winter.