'The brains' behind BitGo's latest product is leaving the firm

BitGo's vice president of sales is set to depart the firm, The Block has learned. 

Josh Schwartz, previously an executive at Bloomberg Tradebook, is leaving the cryptocurrency custodian after more than a year with the firm. Schwartz joined BitGo in May 2018, a few months before it secured approval from South Dakota state regulators to launch its qualified custodian business aimed at institutional investors. 

"During his tenure, he provided insights into capital markets, played a critical role in the development of our settlement solution, and built our sales team," a spokeswoman said of Schwartz's exit. "We appreciate his contributions to BitGo and wish him the best of luck in his next endeavor."

Schwartz played a key role in transforming BitGo from a software-as-a-service type company into a financial-services firm, according to a source. He also was "the brains" behind the settlement and clearing solution service BitGo is planning to roll out next month, the source added. The new solution will allow BitGo clients to transfer coins among themselves without moving them out of cold storage.

The firm has brought on a number of former Wall Street veterans this year as it continues to court institutions to its platform, including Rob Salman, one of IEX's earliest employees, and Nick Carmi, formerly global head of FICC trading at Tower Research.