The former head of crypto at popular stock brokerage firm Robinhood is no longer with the company, according to several people familiar with the personnel move.
Sina Nader, a former director at private investment cryptocurrency firm CryptoLux Capital, is seeking a new opportunity in the crypto market after exiting from the Silicon Valley firm, several sources told The Block. He previously held positions at Morgan Stanley and Credit Suisse. Robinhood initially launched its cryptocurrency trading service, Robinhood Crypto, in February 2018.
Nader joined at the end of 2019, as The Block reported.
"We’re also thrilled to welcome Sina Nader as our Head of Crypto," Robinhood said at the time of the new hire, adding: "With an extensive background working in both the crypto industry and at some of the world’s leading banks, Sina brings valuable experience from roles that span the financial system."
Nadar was brought on to strengthen Robinhood's crypto business, including its custody system, according to a 2019 press statement. More recently, Nadar was working on expanding Robinhood Crypto's liquidity provider partners, according to a source. Jump Trading, a Chicago high-frequency trading firm, has been the main liquidity provide for Robinhood's crypto market since its inception.
On the hiring front, Robinhood currently has two crypto-related job ads on LinkedIn, including one listed yesterday for a Crypto Operations Manager. From the ad:
The Crypto Operations Manager will manage Robinhood’s day-to-day crypto operations and the crypto operations specialists team. Responsibilities include driving operational process improvements, reducing operational risk, managing venue relationships, people management, and overseeing coin settlement. The Crypto Operations Manager will be part of the Operations organization and will be based in either Menlo Park, CA or Denver, CO."
Robinhood recently raised more than $600 million in a Series F fundraise that included a subsequent closing of $320 million, as The Block previously reported. Its post-money valuation stands at more than $8.6 billion. Also on Tuesday, the Wall Street Journal reported the firm canceled its plans for a UK launch.
A spokeswoman for Robinhood declined to comment.
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