Another Goldman Sachs Exec Leaves Job For Career in the Crypto-World

Another Goldman Sachs Exec Leaves Job For Career in the Crypto-World

Another executive from Goldman Sachs gave up a career on Wall Street in the name of cryptos. Richard Kim, a former exec at the international investment bank was reportedly offered a position of a COO at Galaxy Digital – the trading bank.

This company, by the way, manages assets for ventures, having ties with blockchain, and virtual money is not an exception there.

Wall Street Bull Goes After Cyber Opportunities

Kim was actually employed by the early cyber assets investor Mike Novogratz, reported Bloomberg, referring to an individual with the direct knowledge of the matter.

Previously, a hedge-fund analyst Luka Jankovic left Goldman Sachs for the career in the cyber-currencies ecosystem. Therefore, Kim is going to become the second Goldman Sachs former worker, who stepped into the realm of cryptos.

According to his account info in LinkedIn, Kim was an exec at Goldman Sachs’ office in London. Now he is reportedly going to be among people from Wall Street who went after cyber-coins startups.

Journalists tried to reach out to Galaxy Digital representatives, but its spokesperson refused to comment on the employment of Kim.

However, it is noteworthy that earlier Novogratz told The New Yorker that he “hired Goldman's best guy in the blockchain.” There is a possibility that he referred to Kim, but it remains unclear.

Who Also Gave Up On Goldman?

In particular, among such individuals, apart from Jankovic and Kim, there were Michael Bucella (ex-Goldman exec who chose a position at BlockTower Capital) as well as Matt Goetz (the bank’s vice president, who established BlockTower in 2017).

In the year before that, James Radecki left the multinational bank to work in the field of strategic piling in a digital assets company. And it seems that it all was not in vain: Radecki appeared to be the global leader in business development in of the most significant cyber money trading companies – Cumberland Mining.

Finally, it’s Novogratz himself who also worked for Goldman Sachs. However, he never left the bank in the name of cryptos, as that happened over two decades ago.

This trend might be a sign of Wall Street’s interest in virtual assets. Indeed, when four months ago, at the end of 2018, bitcoin broke its record, skyrocketing to $20,000, new hedge funds started emerging.

Also, the number of cyber money funds also grew from 167 last year to 245 in 2018. It is notable, that two years ago there were only 19 funds of this type, as per research team data of Autonomous Next.

Other Novogratz’ Plans

Novogratz, interestingly, stopped dealing with Investment Group two years ago as it had lost the money.

Earlier, in the month when bitcoin unprecedentedly surged up, he decided to postpone the intentions to set off “the largest” cyber-currency fund of that time. Initially, that was supposed to happen on December 15, just a few days before bitcoin skyrocketed. He had to halt the project, being scared of market conditions.

Nevertheless, later Novogratz admitted, he was bullish concerning his role in the crypto-ecosystem.