Crypto liquidity provider B2C2 has hired Morgan Stanley’s Thomas Restout as its new chief executive for Europe, the Middle East, and Africa.
Restout is moving on from the US bank, where he was global head of macro electronic trading. He was also a member of the bank’s securities digital currencies working group. He will report to the B2C2’s group chief executive Phillip Gillespie.
“Institutional interest in cryptocurrencies is spurring more tradfi [traditional finance] participants into committing significant resources towards the understanding, productisation and commercialisation of digital markets,” said Gillespie. “Our appointment of Thomas adds additional and complementary market knowledge, as well as risk management and product innovation expertise to B2C2.”
Before Morgan Stanley, Restout worked at Goldman Sachs and Natixis.
Crypto firms continue to hire senior staff from traditional finance as the sector looks to solidify the place of the asset class in finance. Most recently, crypto infrastructure firm Copper hired Tim Neill, a veteran of Standard Chartered and Deutsche Bank, as its chief risk officer.
While the crypto winter has forced more retail focused crypto firms to shelve expansion or to even downsize, institutional interest in the asset class remains high. On 4 August, BlackRock announced it was partnering with Coinbase to allow institutional clients to trade digital assets on the exchange via its Aladdin investment management system. CME also launched its euro-denominated bitcoin and ether futures on 29 August.
“The tremendous growth of cryptoassets during recent years shows its acceptance as an established asset class, attracting a growing range of institutional participants,” said Restout. He added he hopes to further expand the firm’s offering by leveraging quant trading and other technologies.
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