Galaxy Digital snags former Cumberland and Credit Suisse exec David Gross to lead global sales

Quick Take

Mike Novogratz’s Galaxy Digital has hired Wall Street veteran David Gross to head its global sales team
According to his LinkedIn, Gross left Galaxy’s trading rival Cumberland in February after less than a year, and has since been on extended garden leave
Gross is Galaxy’s second major hire this summer, having poached OTC head Tim Plakas in May from Coinbase

Galaxy Digital, the crypto merchant bank headed by Mike Novogratz, has hired former-Cumberland exec David Gross to lead global sales, according to an internal memo sent out to the firm's counterparties.

Gross, a Wall Street veteran, left crypto trading giant Cumberland in February after an 11-month stint. He previously held positions as a director at Credit Suisse and Lehman Brothers, according to his LinkedIn profile.

Gross will now be expected to put his nearly 15 years in convertible bond sales and trading to help turn Galaxy's fortunes around. The firm, which operates an over-the-counter trading desk in crypto as well as an investment and venture capital arm, had a difficult start to the year, announcing a $272.6 million loss in 2018. In recent months, six execs also left the company, including its CTO Mike McMahon.

In his new role, Gross will be coordinating and driving sales across its three business units, according to a source. Gross will be reporting to president Chris Ferraro.

Gross's former employer, Cumberland, is one of Galaxy's major OTC rivals. Its parent company, tech giant DRW, was among the first well-known high-frequency trading shops to dive into the over-the-counter trading market for crypto.

Cumberland has also seen its own fair share of leadership changes. Gross's departure as global head of relationship management was followed by that of Bobby Cho and James Radecki, as well as by Jason Leung, leaving the unit with a younger, more tech-centric staff according to sources.

Galaxy, of which Novogratz owns just shy of 80%, is now looking to bolster its place in the market. It expanded its offering to include crypto options contracts last month.

The firm also hired former Coinbase OTC head Tim Plakas in May to boost its trading efforts.