Crypto enthusiasts have managed to make it a good few months into 2023 without any major slip ups. Coinbase earned above projected results for Q4 while banks are ramping up crypto hiring, but the recent ordeal with Silicon Valley Bank (SVB) is 2023's first major hurdle for digital assets.
Crypto specialist bank Silvergate also went under last week and unlike SVB, does not look like being bailed out. Neither does Signature Bank, another massive collapse that formerly had a number of crypto focused clients.
Who out there is left to support the crypto infrastructure? There are six major banks still on firm ground (or so it seems)
Cross River Bank
New Jersey based Cross River Bank is a fintech specialist. They provide infrastructure to embedded payments, cards and lending fintechs as well as crypto firms.
The bank achieved a $3bn valuation at the height of technology funding, after acquiring the industries heavy hitters like Stripe and Coinbase as clients.
Cross River Bank has 61 open positions across the US and Israel. The US team has 7 open positions in their IT department while Israel's hiring is heavily tech focused.
Series Financial
Series Financial provides centralization and automation of financial products. They partnered with regulated digital asset platform Anchorage Digital to provide their crypto services.
Series' hiring is predominantly focused on tech. Multiple hires have come from Meta affiliated continuous integration providers CircleCI, including VP of engineering June Jung last August andRithu Chandra this March.
Engineers have also joined them direct from tech firms like Apple's former engineering product manager who joined as a product and partnerships lead last April.
Series' hiring at present is very limited. Two roles are available: an engineering manager in North America and a senior backend engineer in Canada.
Customers Bank
Commercial and consumer focused bank Customers Bank provides a number of digital asset focused services through infrastructure provided by New York fintech Tassat.
Their digital assets division is predominantly comprised of alumni of the now defunct Silvergate Bank. These include Managing Director Robb Layfield and SVP Claudia Pinilla. Other notable staff include VP Patrick Madden, who joined from prop trading firm Flow Traders in New York.
Customers Bank has 17 open positions at the moment. While none are in an engineering capacity, there are a few data focused roles including a chief data officer and a senior data analyst. They are also opening up to interns in 2024 with applications starting in fall.
BCB Group
Across the pond is London based accounts and trading firm for digital assets, BCB group. Among their top clients are unicorns like Gemini, Kraken and Crypto.com.
They have easily one of the most impressive repertoires of TradFi talent. Ex-JPMorgan MD andHead of EMEA G10 FX spot trading is their head of OTC trading. Also, CTOFarzad Pezeshkpour was a distinguished engineer for emerging technologies at Natwest and Nigel Holt was a lead software engineer at Goldman Sachs.
2023 hiring has been sparse, with the focus predominantly on internal promotions. In december however, a number of more junior engineers were brought in, including Lauren Brabbin and Kate Usacova. That recruitment drive appears to have been very female focused.
BCB's 2023 hiring is very limited. They have just 3 open positions with an emphasis on sales.
Jewel Bank
Jewel Bank is more diminutive in size, but doing some interesting things. The Bermuda based fintech announced plans to launch a USD backed stablecoin alongside blockchain infrastructure providers Polygon.
Jewel Bank's hiring as of late has a particular focus on HSBC alumni. Late last year they acquired their head of management information utility Paul Summerville as a senior business and data management analyst and head of distribution for wealth and personal banking Katie Brown as their head of operations.
Hires in 2023, while sparse, have that same focus. This month it brought in Talia Simons as head of client services, she previously spent over 5 years at the bank.
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As a seasoned expert in the field of cryptocurrencies and financial technology, my knowledge is deeply rooted in the developments and nuances of the industry. I have closely followed the trends, successes, and challenges faced by various players, including banks and fintech firms, in the crypto space.
Now, let's delve into the concepts mentioned in the article:
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Coinbase's Q4 Performance:
- Coinbase has surpassed projected results for Q4. This indicates the platform's robust performance and its ability to navigate the crypto market successfully.
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Silicon Valley Bank (SVB) Ordeal:
- SVB has encountered challenges in 2023, marking the first major hurdle for digital assets. Further details about the nature of the ordeal are not provided, but it implies a setback for the crypto industry.
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Silvergate Bank and Signature Bank Collapse:
- Silvergate Bank, a crypto specialist bank, has faced financial difficulties and does not appear to be getting bailed out. Signature Bank, another significant collapse with crypto-focused clients, has also experienced a massive downturn.
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Remaining Banks Supporting Crypto Infrastructure:
- Despite the setbacks, the article identifies six major banks still on firm ground, including Cross River Bank, Series Financial, Customers Bank, BCB Group, and Jewel Bank.
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Cross River Bank:
- A fintech specialist based in New Jersey, Cross River Bank provides infrastructure to embedded payments, cards, lending fintechs, and crypto firms. It achieved a $3 billion valuation and has open positions, particularly in IT departments in the US and Israel.
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Series Financial:
- Series Financial centralizes and automates financial products, partnering with Anchorage Digital for crypto services. Hiring is tech-focused, with positions available for an engineering manager in North America and a senior backend engineer in Canada.
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Customers Bank:
- This commercial and consumer-focused bank offers digital asset services through infrastructure provided by Tassat. It has open positions, including roles in data-focused areas such as chief data officer and senior data analyst.
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BCB Group:
- A London-based accounts and trading firm for digital assets, BCB Group serves top clients like Gemini and Kraken. Hiring in 2023 has been limited, with a focus on internal promotions and a few positions in sales.
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Jewel Bank:
- A Bermuda-based fintech, Jewel Bank is planning to launch a USD-backed stablecoin. Hiring has a focus on HSBC alumni, indicating a strategic approach to talent acquisition.
The information provided in the article reflects the dynamic nature of the crypto industry, with successes, challenges, and ongoing developments among key players in the financial technology landscape.
