Former top executives of leading US banks launch their own cryptocurrency fund

Former heads of the Asia-Pacific divisions of leading American banks HSBC, Citigroup and Merrill Lynch in the Asia-Pacific region left the traditional financial sector for cryptocurrency trading. CoinDesk reports, citing sources familiar with the matter.

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Joseph Chan, who led the equity trading and primary financing desks at Merrill Lynch, HSBC and Citigroup in the Asia-Pacific region from 1997 to 2016, and former HSBC and Citigroup technology chief Graham Webb have been trading cryptocurrencies through the Hong Kong-registered Liquibit Capital since June.

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Also involved in Liquibit Capital will be a former vice president of Barclays Capital and two technical specialists from JPMorgan and Wells Fargo. Under the new fund, assets of $50 million will be managed.

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According to sources, Liquibit Capital engages in arbitrage trading of Bitcoin, Bitcoin Cash, Ethereum, Litecoin and EOS. Asset custody is provided by the Fireblocks service.

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It is expected that the fund will later engage in trading derivatives, options and futures on BitMEX, Huobi, OKEx and Deribit.

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Earlier in August, Fidelity Investments president Peter Jabber filed documents for a new bitcoin investment fund for review by the U.S. Securities and Exchange Commission.

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