- The market for cryptocurrency is booming, and now trading firms are looking to build out a more mature market infrastructure for the space.
- They will likely set their sights on Wall Street for talent to build out new cryptocurrency trading systems.
Bitcoin trading firms are seeking top talent to build-out the infrastructure for the booming cryptocurrency market. And that talent is likely to come from Wall Street.
DRW's crypto trading division, Cumberland, provides the latest example.
The firm recently brought on Helin Goa, a former swaps trader from Goldman Sachs, according to an email seen by Business Insider sent out to employees of Cumberland by Bobby Cho, head of over-the-counter trading. And the firm is seeking to build out the unit, advertising currently for two different positions: one trader and one developer.
the cryptocurrency division of Chicago prop trading firm DV Trading, is another marketmaker in the space. It has been advertising a position for a cryptocurrency software engineer on LinkedIn to help build out the firm's "next-generation" trading platform.
DV Chain's CEO Garrett See told Business Insider he's not necessarily looking for folks with "blockchain" or "crypto" on their CV.
"Middle-office, trading software, trading, order management, traditional programming, are the backgrounds we are looking for in people," See said. Those folks often come from Wall Street, he says.
Applying Wall Street tech to cryptocurrencies
The launch of bitcoin futures by establishment firms is likely to to open the door to wider participation in bitcoin trading by other Wall Street firms.
"The CME announcement provides the first step in legitimizing the ever-growing crypto space as a true financial asset," Dave Johnson, the CEO of Latium, a cryptocurrency technology company, told Business Insider. "For market makers this presents access from a known and trusted party into a $94 billion marketplace."
Business Insider previously reported Virtu Financial and DRW are looking to provide liquidity in bitcoin futures markets. Other traders such as Quantlab and Jump Trading are waiting to see how such a market plays out before jumping on the bandwagon, Business Insider previously reported.