America’s largest bank, JPMorgan, lost three key employees to a Web3 business at a time when the crypto market was in the midst of a severe crisis.
This week, former JPMorgan executives including Eric Wragge, Puja Samuel, and Samir Shah have all decided to leave the financial institution and find a new place in a crypto institution.
Samuel expressed on LinkedIn yesterday:
“I am thrilled to share that I have started with the Digital Currency Group as Head of Corporate Development. I am excited to help build out new strategic partnerships alongside an energized team that is driving change across the financial system.
I wish to thank my former colleagues at J.P. Morgan for an amazing and extremely fulfilling 3 years and also my former colleagues at Citi, Citi Ventures, and New York Life Ventures for being a part of my professional journey. I am grateful for the opportunity to have met and worked with some of the best and brightest! Looking forward to our paths crossing again.”
Prior to joining Digital Currency Group, the parent company of Coindesk and digital currency investment firm Grayscale, Samuel led the Digital Ideas and Innovation department at JPMorgan.
Eric Wragge, a former executive at JPMorgan, joined the Web3 space through the Algorand Foundation. According to the announcement from Algogrand, Wragge will head the fund’s investment committee and lead global initiatives and strategic partnerships in both traditional capital markets and decentralized finance.
“Coming from a leading global investment bank, I understand the uncompromising performance requirements for a Layer 1 blockchain to compete against and improve upon many aspects of traditional finance.”
Finally, Samir Shah, JPMorgan’s Global Head of Digital Solutions, announced his departure from the financial institution and began his career at Pantera Capital as COO.
Shah also confirmed on LinkedIn:
“As for my next step, I am thrilled to share that I will be joining Pantera Capital as Chief Operating Officer. Pantera is one of the industry’s leading investors in blockchain technology, and I’m excited to partner with Dan Morehead, Joey Krug and the broader Pantera team to help take the organization to new heights!”
In February, JPMorgan made a spectacular transformation when it decided to jump into the metaverse with Decentraland. At that time, this financial giant established itself as the first enterprise in the banking industry to join the metaverse.
The move to join Web3 businesses of the above leaders occurred in the context of the cryptocurrency market being quite volatile. A series of companies cut staff to survive the crypto winter, many big companies are in the process of completing bankruptcy procedures such as Three Arrows Capital, and Voyager Digital.
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