The crypto industry is a very young but promising sector that attracts specialists from various industries. Average people go to the blockchain market for the sake of quick and large earnings. But what are the reasons that push top managers and economists of large companies to leave their dream positions with huge salaries and go into the cryptocurrency industry?
Migration of Bank Managers
It is not surprising that most specialists come to the crypto economy from the banking industry because the crypto industry and organizations associated with fiat money have many common goals and points.
As early as 2015, the head of the trademark division at JPMorgan and the creator of the credit default swap Blythe Masters became the CEO of Digital Asset Holdings, a company that specializes in the creation of new processing encryption systems for conducting transactions with securities based on blockchain.
After the appointment to the position, Masters bought up a number of crypto startups developing at the time. One of them was Hyperledger that is creating software for an instant payment system with the use of a blockchain without attachment to any cryptocurrency. Another was Bits of Proof, which develops software for various blockchain projects, such as the hardware Trezor wallet. Then there was the Bullion Bitcoin gold trading platform and others. The leaders and leading developers of both companies have joined the staff of Digital Asset Holdings and have been engaged in the design of enterprise server security solutions.
Blythe Masters cannot call herself a crypto enthusiast and does not believe in Bitcoin and other cryptos.
"I have never been charmed by cryptocurrency. But the technology has quite an impressive list of advantages. If you look at its roots, blockchain is just a database in a revolutionary format," Masters replied to the questions about the reasons for moving to another position and described her vision of the industry as a whole.
To date, investors such as the Australian Stock Exchange, BNP Paribas, CME Group, Deutsche Börse Group, Goldman Sachs, PNC Financial Services, and others have invested more than $115 million in Digital Asset Holdings. To scale and accelerate the adoption and implementation of its technologies, the company builds strategic business relationships with Accenture, Broadridge, IBM, and PwC.
Rob Jesudason, CFO of the Commonwealth Bank of Australia (CBA), left office in May 2018 to become president and chief of the Block.one blockchain group for EOS. The company is developing a blockchain based software called EOS.IO, which aims to support the creation of decentralized applications on an industrial scale.
"Rob has experience in the global financial sector. Jesudason is perfect for our team and is in line with our organizational priorities," said Block.one CEO Brendan Blumer.
Rob Jesudason worked as CFO of the CBA for less than a year and left at the height of the crisis inside the company. At the moment, the Australian bank is experiencing difficult times and is accused of money laundering and financing terrorist activities.
Despite all the negativity around his former job, Jesudason is pleased with the appointment to a new position in the company related to the blockchain and cryptocurrency industry.
"Thanks to its quality approach, Block.one is one of the fastest growing organizations in the world. I will contribute to the further development of our strategies for operational growth. I'm glad to join Brendan and the team," said Rob Jesudason.
After achieving career peaks in one company, professionals often create their own startups in the field of blockchain technologies. For example, that is what happened with Eric Piscini, now a former specialist and partner of Delloitte, one of the largest consulting firms of the "Big Four.”
In 2012, Piscini and two of his colleagues started working on Global Blockchain Practice. A few years later, the company achieved great success in the implementation and operation of blockchain technologies and attracted more than $50 million. After implementing all the conceived projects, a specialist from Deloitte decided to leave his position. In May 2018, it turned out that Eric Piscini would join the Citizens Reserve startup, which introduces distributed registry technology into fragmented supply chains.
"Join us! We will build the future together!" wrote Piscini on his Twitter after moving to a new company.
At the moment, the project has attracted about $300 million and developed its own ZEVR currency based on Ethereum (ERC20 token), which will be supported by reserve assets.
"We are building a supply chain on Ethereum. A private blockchain is more suitable for supply chain transactions, and the public one is used for payments. The bridge that we created for this purpose is our secret ingredient," thus Eric Piscini shared his first ideas of the Citizen Reserve.
Born of Facebook
Mark Zuckerberg’s company seems to be easily traded in for blockchain. This is evidenced by Rachael Horowitz, the former director of technology communications at Facebook, who moved to the position of vice president of communications at the Coinbase crypto exchange in April 2018.
Horowitz was invited to work through Spark Capital, an investor of Coinbase, where she was a partner and adviser to one of the founders of a private company.
"Rachel Horowitz will help us tell a story about how digital currencies create an open and fair global financial system. Her experience with growth in terms of communication, politics, and marketing on behalf of some of the most iconic companies in the Silicon Valley will be invaluable to Coinbase," said Asif Hirji, president of the American exchange.
In addition, Horowitz worked at Twitter at the time of the social network’s founding and has knowledge in the field of interaction with employees and promotion of firms.
"I'm delighted to join the team of Brian Armstrong and Asif Hirji. Incredible company and opportunities," as Horowitz herself commented on her appointment.
Facebook has also decided to keep up with the technology of the future and is going to explore the possibilities of using blockchain in the global social network. The head of the research group is David Marcus, the former executive director managing the autonomous Messenger application. About ten professionals will be attracted to conduct the analysis at the start of the project, including several key leaders of Instagram, such as James Everingham and Kevin Weil. In the course of the research, the specialists will report on the results to Michael Schrepfer, the technical director of Facebook.
"After nearly four years of incredibly productive work in Messenger, I decided that it was time for me to take on a new challenge. I'm recruiting a small group to learn how best to use blockchain on Facebook," wrote Marcus on his social networking page.
UBS Group AG is the largest Swiss holding company that provides various financial services around the world. It was included in the list of 29 systemically important banks in the world. Despite this, however, the heads of branches in different countries are leaving their posts and moving into the blockchain industry.
In May 2018, the former president of UBS China Karen Chen was appointed Chief Executive Officer of the Singapore cryptocurrency firm Higgs Block Technology Pte. The company provides private-banking, over-the-counter trading and consulting services for cryptocurrencies.
"There is a market demand for the destruction of the industry through the integration of advanced technologies into traditional financial assets and services. Our company wants to help investors overcome this gap," as Chen shared her plans for her future work.
Interest in blockchain was also demonstrated by Elena Titova, the former chairman of the Russian UBS branch. In March 2018, she led the board of directors of the ICONIC startup, which is engaged in the implementation and maintenance of distributed registry technologies in various companies.
"There is demand for the use of blockchain. And we want to be ready to create such products and offer them for use by these companies. This position is relevant to Elena Titova. We are proud of the fact that she has joined our team,” as co-founder of the project Sergey Yakubanets commented on the appointment of Titova.
The List Will Grow
Obviously, the list stated above does not include all those who left conventional companies and started working in the blockchain industry. The number of specialists who defect towards cryptocurrencies and the new digital economy will grow. The experienced players of the fiat market with their skills and abilities will form a new fundamental blockchain sector, which will be based on the basic principles of mathematics and IT science.