Crypto Platform Matrixport Hires Big-name Coinbase Exec to Build US Business

Matrixport has landed a prized former Coinbase govt to guide the cryptocurrency funding platform’s US enterprise, in accordance with two sources acquainted with the matter. 

Anthony DeMartino, a Wall Avenue veteran, most not too long ago was head of danger methods, institutional DeFi and derivatives buying and selling at Coinbase. The prolonged title, one supply who has accomplished enterprise with the trade mentioned, signifies DeMartino’s departure offers a “massive blow.”

Matrixport representatives confirmed the rent. A Coinbase spokesperson didn’t reply to a number of requests for remark. DeMartino declined to remark.

Cynthia Wu, Matrixport’s chief working officer, advised Blockworks that firm executives are satisfied DeMartino’s “expertise, ardour and magnificence matches Matrixport very nicely.”

Having beforehand hung out at conventional finance establishments — together with managing director-level positions overseeing features of emerging-market buying and selling for Barclays and HSBC — DeMartino is thought by trade individuals to maintain strict tabs on a deep rolodex of Wall Avenue contacts. 

That, sources mentioned, was particularly vital to Coinbase’s yearslong push to develop one thing like a conventional prime brokerage — together with lending, buying and selling and clearing, in addition to capital-introduction. Although exchanges and different crypto monetary companies have labored to develop such an all-in-one, plug-and-play product, most merchants say it’s nonetheless a pipe dream, resulting in a hodgepodge of various service suppliers primarily based in numerous time zones to spend money on completely different corners of crypto markets.

Coinbase not too long ago introduced steep layoffs in response to a market downturn that has eroded once-lucrative buying and selling charges. Though exchanges have tried for years to diversify their income streams to scale back reliance on such charges, outcomes have been blended.  

Matrixport, in the meantime, seems to nonetheless be on the hiring path — an outlier in a crypto panorama the place most layoffs are measured as higher or worse than anticipated, however anticipated, nonetheless.