Crypto trading firm GSR on track to 10x headcount as it makes US push

GSR — the Asia-based cryptocurrency liquidity provider and market making firm — is preparing to expand its headcount to beyond 200 as part of a broader growth plan, co-founder Rich Rosenblum told The Block. 

During an episode of The Scoop, Rosenblum — who co-founded GSR in 2013 — said that the firm is looking to establish a bigger footprint in the US. Already, the firm has hired Trey Griggs, a former managing director at Goldman Sachs, to lead its operations in the region, dubbed GSR Services USA.

On The Scoop, Rosenblum said the firm is in the process of acquiring various regulatory clearances, including a broker dealer license and a BitLicense. The firm has also secured office space in Midtown Manhattan. In total, GSR is on track to expand its headcount to more than 200 people from just 25 a year ago, he said. 

All of this is tied to the future growth GSR sees ahead for the crypto market, despite the recent lull in prices. 

"There's just as much building as we've ever seen," Rosenblum said about the state of the cryptocurrency market. "I do think that the drop in the market really is not evident for what I think is going to happen with the future of prices."

Indeed, Rosenblum said that the level of building happening in the space is outpacing the ability for projects and firms to hire the right talent.

"We're doing so much recruiting for our own company it is hard to help our partners," he said. "Thinking of hiring recruiters specifically to help projects we're engaged with because on a daily basis they're saying there's not enough talent out there."

Listen to the full episode of The Scoop with Rich Rosenblum, here.