Fresh with funding, bitcoin startups have been ramping up their hiring to secure figures with both digital currency related and business experience. Announcing its newest round of employee expansion, Singapore based bitcoin exchange, itBit, has announced the hiring of , Erik Wilgenhof Plante as its first Chief Compliance Officer, and Robert “Bobby” Cho as new Director for their New York office. Plante previously worked at PayPal where he managed compliance matters for the South East Asia region. Cho comes from SecondMarket where he was involved with trading both bitcoins and illiquid assets.
The hiring’s continues a trend in the industry of rising employment. As an emerging technology, along with investment capital entering the sector, bitcoin companies have become an “in demand” place to work, attracting employees from both the tech community and Wall Street as well as the service sector. For itBit, the firm explained in its public remarks that Pante will be assisting the firm in handling regulatory requirements for digital currencies, while Cho will be working on new initiatives. In regards to specific regulatory areas Pante will be involved with, a representative from itBit explained to Digital Currency Magnates that “Erik will ensure itBit continues to work with governments to facilitate informed, practical regulations. He’ll also drive their compliance policies and procedures, such as their know-your-customer practices.”
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Among its goals, itBit is aiming to establish itself as a trusted destination for bitcoin trading, launching with safety of fund and security protocols similar to those of banks and other fiat based financial institutions. As such, Pante’s hiring as a CCO solidifies this focus. According to itBit, following the hiring’s, total headcount at the firm has risen to 18.
Commenting on the hire in the firm’s public remarks, itBit CEO Rich Teo stated that “At itBit, regulatory compliance is our number one priority and we pride ourselves on having the highest standards in the industry. We welcome Erik’s expertise and leadership in compliance as we continue to work with regulators to help develop and cooperate with policies that serve and protect consumers and businesses.” About Cho he said “Bobby is a well-known figure in the Bitcoin industry and we are excited to gain his talents and insights.” He added “Coming from a traditional Wall Street environment, I see the huge opportunity for a credible, regulated Bitcoin exchange to make a significant impact on the growth of the Bitcoin ecosystem.”