Goldman Sachs’ VP, Richard Kim, will be the new chief operating officer of Mike Novogratz’s cryptocurrency merchant Bank, reported Bloomberg on April 9.
Kim was a VP at Goldman Sachs in London and is one of the people who worked to develop a Goldman desk for trading digital currencies. He will soon move to New-York since he will join Galaxy Digital.
Richard Kim, a former VP at Goldman Sachs, is joining Mike Novogratz’s Galaxy Digital as Chief Operating Officer.
The brain drain from Wall Street continues. 👊🏽
— Pomp 🌪 (@APompliano) April 9, 2018
Cryptocurrencies started to attract many Wall Street executives since they see the potential of making a lot of money with the market’s volatility.
Last week, another Wall Street executive was hired by Coinbase, which will work as the director of institutional sales.
Currently, cryptocurrency and blockchain companies wants to surround themselves with people with a lot of experience regarding legal concerns and trading to better deal with regulations and attract more customers to the cryptocurrency market.
Last year, a former hedge funds analyst at Goldman Sachs, Luka Jankovic, also joined the venture.
According to Bloomberg, “the New York-based firm plans to trade crypto as well as make principal investments, manage assets for other clients and provide advice on blockchain-related ventures.”