Former TradFi Execs Join Crypto as Banking Declines
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One of these executives is DigitalX CEO Lisa Wade, who switched to crypto. She was once in charge of innovation and sustainability at one of Australia's Big Four banks, National Australia Bank (NAB).
The rise of crypto will be mainstream in the coming years
According to Wade, "like ESG, this will be mainstream in 10 years or sooner", crypto will see widespread adoption in the coming years. Guy Dickinson, CEO of the carbon trading platform BetaCarbon, quit his lucrative executive banking position as treasurer of HSBC Australia. Dickinson's move was motivated not by financial gain but rather by a search for personal fulfilment.
The CEO of investment platform BnkToTheFuture, Simon Dixon, attempted to establish a traditional bank before establishing a "regulated" alternative. Dixon discovered Bitcoin and became interested in the fact that "funds are owned in self-custody, spent peer to peer, and backed by full reserve math and code." Investors want cryptocurrency, but TradFi support is necessary. For some time, a lot of TradFi executives have been slowly shifting their focus to cryptocurrencies.
JPMorgan executives resign to pursue careers in the cryptocurrency industry:
Two JPMorgan executives, Eric Wragge and Puja Samuel resigned to pursue careers in the cryptocurrency industry. Wragge joined Algorand as its head of business development and capital markets after serving as a managing director at JPMorgan. Samuel, who filled in as head of ideation and digitalization at JPMorgan, assumed the situation as head of corporate advancement at Digital Currency Group.
