Zurich’s branch of Credit Suisse has seen an exodus of staff, as they switch from banking to cryptocurrency over the past year.
The last to leave, Andrew Reel, has left the Swiss bank to become head of digital asset markets at Morgan Stanley also based in Zurich. But he’s just the tip of the iceberg when it comes to crypto defectors, with insider reports from the Swiss banking giant stating that 11 others have also departed on the digital career trail.
Three others have left CS bound for various positions at Crypto Finance, a Swiss company that aims to implement blockchain technology, and one to become head of trading. Two others have left the bank and set up Vision&, a self-described “Swiss-based, SRO-regulated asset manager facilitating access to innovative blockchain investment opportunities.” Since then, these two have reportedly launched the first actively managed blockchain investment product in Switzerland.
A crypto exchange in Zug, Switzerland’s Crypto Valley, called Lykke, has been the beneficiary of another Credit Suisse defector, which later saw the arrival of two further CS refugees. Two other companies have also snapped up leavers such as blockchain company Digital Asset and Schneider Digital Asset.
Apparently, all professionals in the Zurich banking market are well known to each other and it appears that they’ve all ended up at Credit Suisse at some time or another. One of the leavers commented:
“We all worked together on the trading floor…The community in Switzerland (and globally) was very compact a couple years ago. Our small blockchain cell of people entered the space rather early and shared knowledge.”
Reportedly its that fact the cryptocurrency and blockchain lend themselves to a better way of expressing the entrepreneurial spirit than banking. He added, “We found different ways to enter the crypto business but still keep close and exchange thoughts.”
Switzerland’s stock exchange, SIX, announced recently that it will open its doors to digital currencies. The new platform which is being built by SIX will offer integrated post-transaction services such as deal settlement and asset custody through DLT. SIX and regulated by Finma. The Swiss Central Bank, says that it plans to roll out its cryptocurrency service in the first half of 2019.
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