Wallstreet is turning over to cryptocurrency, and this is seen with Former Goldman Sachs banker Chris Matta quitting the famous financial company a few days after earning the position of vice president. Who in their right minds would do that, right? He did it all for cryptocurrency!
According to Chris Matta’s Linkedin, he was managing over $7 billion assets for the Goldman Sachs Philanthropy Fund and Trust Company. He built diversification plans, traded illiquid small cap securities and implemented strategic portfolios. He found cryptocurrencies as an opportunity for alternative investments.
Matta along with two former colleagues at Goldman Sachs, Ali Hassan, and Michael Kazlev created their own cryptocurrency focused investment vehicle. This crypto related company is called Crescent Crypto Asset Management.
“In the crypto world, every month is like a year in the equities space. The amount of things that would change in that time, the number of funds that would come to market, it would just be a much more difficult landscape for us if we were trying to get things up and running in February.”
He told CNBC that cryptocurrency is a very calculated risk- by saying, “It’s safe to say, you leave a good amount of money on the table walking away from Goldman. But I saw it as a calculated risk.”
Cryptocurrencies are seen to attract financial gurus who are sharp and calculative from Wall Street.
Currently, cryptocurrencies are seen to be facing challenges ever since the allegations on South Korean Cryptocurrency exchange giant, UPbit and new liquidations of Mt Gox. However, this volatility has not frightened Matta and his partners.
“It’s either going to zero, or it’s going magnitudes higher. I don’t regret it at all. It’s been the most exciting few months of my life, honestly.” he told CNBC.
Matta’s ex Goldman Sach’s boss who is a partner summoned Matta to his office when he heard the news of Matta leaving.
“They called in the CEO of my organization, and he said, basically, ‘Are you crazy? Do you realize the risk you are taking here?’ You are giving up on your bonus!’” Matta recalled.
As of now, several new employees have already been hired, and the firm’s balance sheet is slowly growing.
With such growing interest in Blockchain and Cryptocurrencies, it shows a significant similarity to the dot-com boom of 20 years ago.