Bitstamp, a London-based cryptocurrency exchange, has reportedly hired Hunter Merghart, the former Head of Trading at Coinbase. Merghart, who also previously worked as Head of Equity Trading at Barclays, has now been appointed as Head of US Operations at Bitstamp.
Merghart had left his job at San Francisco-based crypto exchange Coinbase in October 2018 after spending only 6 months there. According to Merhart, he resigned from his role at Coinbase because he did not receive adequate resources and information regarding how to build cryptocurrency-related solutions for institutional investors.
Merghart Is The “Perfect Person To Lead US Operations”
In his new role as Head of US Operations at Bitstamp, Merghart will be expected to assist institutional clients at Bitstamp’s New York office. This, after the exchange operator was granted a BitLicense from the New York Department of Financial Services (NYDFS) last month.
Nejc Kodrič, the CEO at Bitstamp, said that Merghart is:
the perfect person to lead our U.S. operations, which includes making sure our retail and institutional investors have a platform and service that is equal to what they would find at any traditional exchange anywhere in the world.
Notably, Bitstamp is now the 19th crypto and blockchain-related firm to have received a BitLicense – which gives legal permission to businesses to provide financial services to New York residents.
After having acquired regulatory approval, Bitstamp’s management now intends to expand its operations in the US. Commenting on the exchange operator’s plans to serve US-based customers, Kodrič said that his firm had been looking to enter American markets but its plans were in a “passive” phase due to regulatory restrictions.
“This Is An Amazing Opportunity For Me”
In statements shared with Coindesk, Merghart noted that he “really believes in the strategy that the team has put in place and can’t wait to help execute it.” He also mentioned:
This is an amazing opportunity for me to take what I’ve learned in both traditional finance and crypto to a larger role where I can help grow the U.S. business of the largest European crypto exchange.
In order to accommodate new institutional clients, Bitstamp’s developers have upgraded the trading platform’s matching engine and they’ve also integrated various surveillance tools. The new surveillance platform was reportedly developed by Cinnober, a fintech firm that provides proprietary software for large-scale financial markets (such as stock exchanges).