Yet another market structure wonk has hung up his Wall Street hat to join the cryptocurrency world.
Rob Salman, previously on the business development team at IEX, the upstart stock exchange made famous in Michael Lewis’ “Flash Boys,” has joined crypto startup CoinList as head of business development, according to people familiar with the situation.
Salman left IEX just before it welcomes its first-ever listed company, Interactive Brokers. IEX announced earlier this month that the brokerage firm would switch its listing from Nasdaq to the startup.
Salman was with IEX since its earliest days in 2013. He previously worked at Citadel, Nasdaq, and Bloomberg. The University of Texas-graduate, is known on Wall Street for his market structure expertise, with one high-frequency trading executive describing Salman to The Block as "a stud."
Salman declined to chat, as did a spokesperson for CoinList.
Founded in 2017, CoinList provides a platform for companies to conduct token sales, a crypto-twist on the initial public offering process. The firm also allows accredited investors to shop around for certain investment opportunities on its platform.
In total, the company has facilitated $400M in token sales, according to its website. That includes Filecoin’s blockbuster $205M sale. The firm announced in April it raised $9.2 million to build-out its platform. CoinList backers include a slew of crypto firms such as Blockchain Capital and Polychain Capital.
The market for cryptocurrency fundraising via initial coin offerings has cooled off in recent months, as per reporting by Bloomberg News. In August, companies raised just $326M, according to research by Autonomous NEXT, the analytics provider. By way of comparison, companies raised $3 billion from the mechanism in January 2018.
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