Wall Street veterans are turning to Cryptocurrency Hedge funds

MORE Wall Street veterans are now leaving the big banks and moving to cryptocurrency hedge funds such as Pantera.

Cryptocurrency hedge fund Pantera Capital had announced on tuesday it will hire former Deutsche Bank Managing Director William Healy. The fund has roughly $724 million AUM, they had also announced the launch of its third blockchain-focused venture fund.

According to Pantera’s investor, the Wall Street veteran co-founded Deutsche Bank’s Hedge Fund Priority Client group and was heavily involved in establishing the Dutch bank’s U.S. hedge fund strategy.

Healy said: “This is a transformative time, the blockchain and digital currency environment today remind me of the inflection points in emerging markets and the alternative asset management industry to a more institutional management approach.”

Deutsche Bank will sack up to 250 investment bank jobs, and could be as many as 500, Reuters had reported on Monday which is from a source involved closely with the Bank. Experienced traders are leaving Goldman Sachs, Reuters also reported in January, as the firm looks to overhaul a struggling commodities unit.

Healy said the industry broadly is trending smaller: “The underlying trends in the financial services industry is I think going in one direction.

“Noting music sharing service Spotify’s decision not to follow the traditional IPO route. “I think five years from now they’ll be smaller than they are today.”

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