Jamie Selway, the Wall Street trading veteran, has left his post at Blockchain.com as global head of institutional markets. Jamie was a former Wall Street veteran.
Selway joined Blockchain.com, which operates over 32 million crypto wallets, with a grand vision to build out a business aimed at luring large investors and proprietary traders to its platform, as The Financial Times reported.
The goal of Jamie joining Blockchain.com was to launch an OTC desk aimed towards higher value traders, which launched earlier this year, counts former derivatives trader Vince Machi as a team member.
Still, the firm’s plans to build out an exchange and integrate the OTC desk with an institutional custody solution is behind schedule, according to a person familiar with the matter.
Jamie has deep expertise in the institutional market and is a leader in that field. However, that segment has been slower to develop while the needs of professional investors have grown over the last year. The team is focused on supporting clients by offering best execution on trades, custody solutions, and managed products. Xen Baynham-Herd, Head of Markets, will continue to lead the team.
Previously, Selway joined from Wall Street broker ITG, where he was the head of electronic brokerage and execution services. At ITG, Selway oversaw businesses spanning its global electronic products and portfolio execution business. A well-known figure in U.S. market structure debates, Selway has worked alongside the likes of Nasdaq CEO Adena Friedman while he was a researcher at the firm, as well as Christine Sandler, Coinbase’s head of institutional sales, with whom he worked during his days at NYSE Arca. He started his career in 1993 at Economists Incorporated.
This isn’t a sign that Blockchain.com is slowing down its growth plans though. They still have a good amount of notable former Wall Street veterans in their lineup and have major plans coming forward in 2019.
However, this is a sign that the blockchain and crypto market isn’t for everyone and even the best in the industry may not be able to adapt to the new trends.