US based cryptocurrency wallet and financial services provider BitGo has hired Nick Carmi as its new head of financial services. Nick Carmi is a forex industry veteran with over 25 years of experience in the sector most specialising on high frequency trades. Before joining BitGo, Nick Carmi worked as global head of FICC businesses at Tower Research Capital, a trading firm popular for HFT trading activity founded by Mark Gorton famously known as founder of file sharing platform Lime Wire. The announcement of Carmi’s appointment was made by BitGo in official statement released by the firm yesterday. According to the statement, during his tenure as head of FICC business at Tower Research Capital, Carmi was responsible for operational risk, prime broker’s leverage and counterparty trading limits.
Nick also helped the firm in fostering their access to new products including NDFs, CCY options and cryptocurrencies. Prior to his tenure at Tower Research Capital , Nick was director of listed and OTC clearing sales at Deutsche Bank and a part of team at the bank which handles the fixed income prime brokerage for treasury and repo services and helped to build an OCC clearing service. Nick holds a post graduate degree in applied mathematics and statistics and over the course of his 25 year career held key positions in major companies across financial industry such as Barclays, Lehman Brothers, UBS and Credit Suisse. When speaking about his appointment as head of financial services, Mike Belsh, CEO of BitGo commented,
“Nick brings the right type of experience for BitGo to bridge between the complex technology of digital assets and the traditional financial markets. Nick brings a wealth of industry knowledge and has built these types of systems before.”
BitGo has been highly aggressive in their expansion plans over the course of this year so far in order to gain increased market share in the cryptocurrency industry. In its bid to expand its market share, the firm added support for Blockchain Capital’s BCAP security tokens to its custody platform with over 100 tokens and started providing custodial services to institutional clients. Aside from addition of BCAP, two other major moves made by the firm in recent past are
- Acquiring a security certification from Deloitte, one of the auditing firms known across financial industry as part of big four. Deloitte reviewed BitGo’s compliance process and deemed it to fulfil the requirements for a service organization control (SOC) 2 Type 2 certification.
- BitGo also began providing custodial and multi-signature wallet services to newly launder digital asset trading platform, LGO markets which mainly caters to institutional investors.
To those not familiar with the company, BitGo was founded in 2013 as a blockchain security company which has since expanded its offerings by providing cryptocurrency market related compliance, multi-signature wallet and custodial service. It is one of the companies that have managed to remain successful post bubble burst scenario in cryptocurrency market.
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