In the midst of the ongoing decline in the cryptocurrency market and the resulting layoffs in major crypto companies, a career in crypto still holds appeal for many traditional finance executives.
21Shares, a European provider of cryptocurrency exchange-traded funds (ETFs), recently made three significant hires to expand its presence in countries such as France, Germany, and the United Arab Emirates.
Marina Baudéan, the newly appointed head of France, Belgium, and Luxembourg at 21Shares, is entering the world of crypto after more than 15 years of working at the British universal bank, Barclays. Baudéan firmly believes that crypto represents the next generation of technology and is here to stay, regardless of market fluctuations or other challenges. Drawing on her experience of witnessing various technological advancements in her career, she compares crypto to the early days of digital trading. In an interview with Cointelegraph, Baudéan stated, “Transitioning from traditional finance to crypto was a natural progression for me.” She expressed her eagerness to enter the crypto industry, driven by its growth and momentum.
Oliver Schäfer, the new head of Germany at 21Shares, also brings a strong background in traditional finance, with decades of experience at major financial institutions. Prior to embarking on a career in crypto, Schäfer spent over 15 years at the American investment bank, JPMorgan. He believes in the long-term potential of crypto as an asset class and sees it as being in its early stages of growth. Schäfer stated, “It is an exciting time to be in crypto.” He initially invested in crypto in 2020 and gradually became more intrigued by the technology and industry developments.
Despite JPMorgan’s active involvement in the crypto industry, CEO Jamie Dimon has been known for his criticisms of cryptocurrencies like Bitcoin (BTC). In response to this, Schäfer, a former executive director at JPMorgan, highlighted how many institutions have embraced crypto assets after initially being skeptical.
Additionally, Sherif El-Haddad, the former head of asset management at Dubai-based Al Mal Asset Management, has joined 21Shares as the head of the Middle East. El-Haddad expressed his belief in the underlying fundamentals of cryptocurrencies and the expected growth they will witness in the next decade. He positioned himself accordingly and mentioned his unsuccessful attempt to launch a physically-backed crypto ETF at Al Mal.
The recent hires made by 21Shares demonstrate that the crypto job market remains resilient despite the bear market and the significant layoffs that have taken place. While major crypto companies like Coinbase and Gemini have laid off up to 20% of their workforce due to challenging market conditions and the onset of an economic recession, other crypto firms such as FTX and the Binance crypto exchange have continued to hire new talent even during the ongoing crypto winter.