Bankers Outgrow Legacy Finance and Join the Cryptocurrency Space

As global regulatory watchdogs eye cryptocurrency with increasing suspicion, bankers continue retreating from legacy finance. They are leaving to embrace the titillating comeuppance of cryptocurrency. They see the digital token ecosystem as a sumptuous feast of unimaginable prosperity for themselves and the world.

Also read: Litecoin ATMs Proliferate Globally

A recent article by Bloomberg reported that China Renaissance investor Richard Liu sacrificed a 7 figure salary to focus on bitcoin and cryptocurrency, especially initial coin offerings (ICOs).

Bankers Outgrow Legacy Finance and Join the Cryptocurrency Space

In the Bloomberg piece, Liu says traditional banks and VC’s need to pay especially close attention to ICO’s. Liu has already backed about 20 ICO’s, including Tezos, which raised $200 million. Liu seemed especially proud of how there are few blockades in the industry and little impediments from regulators. He implied the future is bright, saying:

Unlike the traditional financial sector, there are no ceilings or barriers. There’s so much to imagine.

Bankers Leaving Their Careers for Crypto-Related Opportunities is Nothing New

Bankers ditching their old Wall Street or banking careers, however, is not a new phenomenon. Most crypto enthusiasts are familiar with Blythe Masters of JP Morgan. She was seen as a “banking prodigy” and pioneered credit derivatives. In March 2015, she quit her job as an executive at JP Morgan to start Digital Assets Holding.

Bankers Outgrow Legacy Finance and Join the Cryptocurrency Space

Another individual who worked for the banking industry, Justin Short, quit his career to begin bootstrapping his own crypto-related startup called Nous. Previously, Short created electronic trading algorithms for Bank of America. His project, Nous, is supposed to be a token-backed crypto asset portfolio manager.

Nikolay Storonsky — who helped found the London startup Revolut — was also deeply embedded in legacy finance. He was a former trader with Credit Suisse when he had a flashbulb moment. He realized that costs of foreign transactions were hopelessly archaic. This led him to help create Revolut, which will purportedly help the fintech industry move beyond banking. Storonsky has spoken candidly about his feelings toward banking.

I just don’t like banks. They’re so bureaucratic, with so many managers not really doing anything … If you fired 80 percent of bankers, nothing would change.

Regulatory Scrutiny Intensifies as Bankers Pivot

Even though these former bankers appear ambitious to taste the sweet fruit of the crypto space, regulators are now preparing to pounce on the ecosystem. As recently reported, SEC has declared some digital tokens might meet the definition of a security and be subject to Federal Security Laws. Kevin Helms, writing for, reported:

“The U.S. Securities and Exchange Commission (SEC) has announced that Initial Coin Offerings (ICOs) and token sales are subject to federal securities laws. The announcement follows a report based on an investigation into The DAO’s token sale in 2016, in which the Commission found DAO tokens to be securities.”

Nonetheless, it is optimistic to see bankers pivoting as the cryptocurrency ecosystem gets riled up by SEC’s ominous warnings. All these happenings foretells the coming of an interesting future for the cryptocurrency community.

Bankers Outgrow Legacy Finance and Join the Cryptocurrency Space

Do you foresee more bankers exiting legacy finance and joining the cryptocurrency space? Let us know in the comments section below.

Images courtesy of Shutterstock.

Bitcoin is a decentralized digital currency that enables near-instant, low-cost payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: transaction management and money issuance are carried out collectively by the network. Read all about it at

  • Liberty88

    To me it looks like Californians who are sick of California moving into all the other states so they can change the nature of those states to be more like……. California.

    To those that are brand new to the space -consider investing in decentralized, peer-to-peer, blockchain-based cryptocurrency only. IF the currency is issued by a bank or any central Institution it is a gamble only.

  • David Arulnathan

    I see ‘Bad Moon Rising’….I see Bitcoin on the way….

  • elsordo

    I foresee more bankers joining the wagon Train of Bitcoin due to their love for money. When they look at bitcoin they see grand opportunity to make the largest amount of money in the world. At this moment there are many such bankers plotting and planning their next move. So it would be stupid for them not to get on the money wagon.

  • hinkied

    Crypto is going to the moon

  • recovery

    I invested with IQ options binary brokers in September 16. I initially
    started with £250. I was allocated a broker called ” Daniel Sage” After
    few trading sessions, my balance increased to £700. I was then pressured
    into investing more, I ended up investing up to £52, 250.00.
    2 months, my account balance grew to £97k. I refused to take their
    bonus and risk free trades to avoid withdrawals problems down the line.
    But, unfortunately, I was wrong. These scammers use pushy techniques in
    order for you to loose money. My nightmares began when I placed £20k
    withdrawals to take care of my deposit and a bit of profit. As I was
    chasing my withdrawals I began to receive all sort of excuses: sickness
    for as long as a week, delays in responding until I never heard from my
    broker. However, I recovered all my funds August 17. Do not fall for
    this scam. All scam victims can now recover lost funds, all you need is a
    proof to your claims.