Cryptocurrency exchange Coinbase has hired Usman Naeem as its new head of global derivative sales and agency trading in London, according to a LinkedIn post.
Naeem spent eight years at Goldman Sachs, most recently as an executive director in the equity derivates division in London. He also worked in the equity derivatives department of Bank of America Merrill Lynch.
“I want to thank all my colleagues at Goldman Sachs; it has been a privilege to work alongside such talented and driven individuals from whom I have learnt so much,” Naeem wrote in the post.
Naeem's hiring demonstrates Coinbase's push into institutional markets as he will work alongside Brett Tejpaul, Coinbase’s head of institutional, and Greg Tusar, Coinbase’s vice president of institutional products.
Coinbase jumped into the crypto derivatives market earlier this year after it acquired FairX, a derivatives venue regulated by the Commodity Futures Trading Commission.
In September, Coinbase nano bitcoin and ether futures contracts hit a record amount with over 288,000 contracts traded that day. The exchange launched nano ether futures in August.
Naeem's hiring is likely to strengthen Coinbase's push into the derivatives markets. However, it still faces fierce competition from players such as FTX and CME Group, which trade billions of dollars in crypto futures.
Coinbase declined to comment on the hiring. Naeem did not respond to a request for comment from The Block by the time of publication.
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