In an otherwise quiet week in the crypto space, there were a number of notable executive moves.
Not long after former Bitcoin Foundation Executive Director Jon Matonis joined Bitcoin startup First Global Credit in a non-executive capacity, former Obama advisor Brian Forde joined MIT’s Media Lab to spearhead its Digital Currency Initiative. Ripple Labs brought in former Hightail and AOL executive Brad Garlinghouse as its COO.
The moves continue a trend that has seen numerous executives from non-cryptocurrency related industries make moves into the space during the past year. A number have originated from banks such as JPMorgan, whose CEO Jamie Dimon informed investors that it stands to learn from disruptive technologies like Bitcoin.
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Mainstream banking is moving closer toward working with Bitcoin technology, with software provider Infosys now considering it for its Finacle product. This follows similar announcements by UBS and Bank of NY Mellon indicating plans of research into how blockchain technology can streamline operations.
Bitcoin may thus be getting the bulk of the care it is seeking from mainstream finance – but for its technology, not the currency. Investors who do envision a bright future for the currency will appreciate Second Market’s rebranding as Genesis Trading. The alternative asset broker will now be dedicating investments exclusively to digital currency.
But the crypto markets last week sided with the bankers. Bitcoin prices had their worst performance since mid-March, falling to their lowest levels since early February. Most altcoins also declined in value, amplifying bitcoin’s losses in a behavior signaling volatility’s return to the markets.