Coinbase Hires Ex-Barclays Director to Expand Its Institutional Client Base

Coinbase, the United States leading cryptocurrency exchange and wallet platform, has recently hired Hunter Merghart, a former trading Director at Barclays, as a sales trader.

Merghart spent over a decade in various roles in equity trading sector. He served as the Director of equity trading for the last three years at Barclays. Before that, he held the position of Vice President at RBC Capital Markets and was the Head of its cash equity trading desk.

This appointment shows Coinbase’s ambition to expand the exchange’s reach and go head-to-head with New York Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term (NYSE). The US-based exchange is also aiming to add more institutional clients to its Global Digital Asset Exchange (GDAX) exchange with which it made its Wall Street debut in 2014.

Moreover, Coinbase is also launching another service called Coinbase Custodian to provide secure cryptocurrency storage to its institutional clients. The exchange is claiming that the service will be as per the standards of traditional banks' custody services. However, it will offer this only to clients storing $10 million worth of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.

Hiring spree

Coinbase also recently added Christine Sandler, the former Head of Sales for NYSE Euronext, to its team as the Director of institutional sales. Merghart joined her team at New York City.

Moreover, the San Francisco-based exchange also is on a hiring spree and has on-boarded many ex-NYSE talents recently including Eric Scro, ex-Head of finance at NYSE.

However, according to experts, Coinbase has a long way to go to compete with NYSE. ICE’s Head of data Lynn Martin told Business Insider: “You are talking about a market that really was built 225 years ago and has had multiple evolutions as a result of various crises to a very new market.”

“Crypto markets are very, very new. I like to say the guardrails haven't been found yet in this market. The regulatory framework hasn't been found yet in this market. That's why you don't find institutional users jumping in with feet first yet,” Martin added.

Recently, Coinbase valued itself at $8 billion in an accusation deal, a significant increase from its previous valuation of $1.6 billion.