JPMorgan (JPM) Exec Jumps Ship to Lead Crypto Startup Tradewind Markets
JPMorgan executive Michael Albanese has reportedly left the firm to become the CEO of Tradewind Markets, a fintech startup focused on digitizing precious metals with blockchain-based technologies.
According to the recent announcement, Albanese will assume day-to-day leadership of Tradewind, leaving his previous post as global head of agency collateral management at JPMorgan.
“Michael is a leader with significant experience working with corporations, creating capital-efficient products, operating at scale, and delivering value to shareholders,” said Tradewind Executive Chairman Blake Darcy. “The Board and I are confident that he is the right person to take Tradewind to the next level in our global pursuit of a more efficient, transparent, secure and cost-effective precious metals ecosystem.”
Tradewind is financed by several major producers in the gold mining industry, including Goldcorp Inc., Agnico Eagle Mines (AEM) and IAMGOLD Corp (IAG). According to the announcement, the company has created a digital precious metals market that uses both blockchain tech to streamline custody, trade execution, settlement and the maintenance of supply chain information.
“Clear opportunities exist to improve how physical assets trade, settle, are custodied, and are mobilized as collateral — both in the precious metals space and beyond,” added Albanese.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.