Despite the continued decline of the cryptocurrency market and the associated forced layoffs in major cryptocurrency companies, a career in the cryptocurrency industry becomes no less attractive to many traditional financial executives.
European ETF (cryptocurrency) fund provider 21Shares announced on Wednesday three major hires to expand its presence in countries such as France, Germany and the UAE.
Marina Baudéan, newly appointed head of France, Belgium and Luxembourg by 21Shares, is making her debut in her cryptocurrency career after working for over 15 years at British universal bank Barclays.
Baudéan is confident that cryptocurrency is “all about the next generation of technology” and is here to stay despite market fluctuations or other problems. After witnessing many technological changes throughout his career, he has drawn parallels between cryptocurrencies and the dawn of digital trading, stating:
“I started my career in fixed income electronic trading in 2000 when traders told me they would never trade electronically. More than twenty years later, this market is now very electronic. “
“The transition from traditional finance to cryptocurrencies was a natural progression for me,” Baudéan said in an interview with Cointelegraph, adding that the growth and momentum around cryptocurrencies have made her eager to move to cryptocurrencies.
Oliver Schäfer, the new head of 21Shares for Germany, has also joined the cryptocurrency ETF company with a solid traditional financial background, bringing decades of experience to major financial firms. Before starting a career in the cryptocurrency industry, Schäfer spent more than 15 years at the US investment bank JPMorgan.
“I believe in long-term opportunities in cryptocurrencies – the asset class is growing and it’s only just starting, so I’m focused on long-term opportunity versus short-term market conditions,” said Schäfer, adding that it’s a “Exciting time to be in the cryptocurrency industry,” Schäfer noted that he first invested in cryptocurrencies in 2020, eventually becoming more interested in technology and industry developments.
Despite JPMorgan taking an active part in the cryptocurrency industry, CEO Jamie Dimon is known for some notable criticism of cryptocurrencies such as Bitcoin (BTC). To this, Schäfer, former executive director of JPMorgan, noted that many institutions have adopted cryptocurrencies after initially being skeptical about it, stating:
“It is important to remember that throughout history, many people were initially skeptical of technological developments before they were adopted into the mainstream, such as with computers and cell phones. This is the natural course of technological advances ”.
Sheriff El-Haddad, former head of asset management at Dubai-based Al Mal Asset Management, has joined 21Shares as the head of the Middle East.
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“I believe in the fundamentals behind cryptocurrencies and the growth it should see over the next decade, and I have positioned myself accordingly,” El-Haddad said. He also mentioned that he attempted to launch a physically backed crypto ETF at Al Mal, but his proposal was not approved. He added:
“Cryptocurrencies have been well received globally by retail investors and the expectation is that institutional and ultra-high equity is now moving into buying after the recent price correction.”
The new hires from 21Shares are another proof that the cryptocurrency job market has held up despite the bear market and a massive wave of layoffs.
Major cryptocurrency companies, including big names like Coinbase and Gemini, have decided to lay off up to 20% of its workforce so far, citing difficult market conditions and the onset of an economic recession. Conversely, many cryptocurrency firms FTX or cryptocurrency exchange Binance have continued to hire more talent during the ongoing crypto winter.