Ex-Crypto Jefferies MD Says Offices Are “Completely Inefficient”

Brandon Mulvihill has spent most of his career working in traditional financial services, but like many others in the industry, he has broken free: after five years as Global Head of FX Prime Brokerage at Jefferies , Mulvihill and Anthony Mazzarese, former Global Head of Jefferies FX’s premier brokerage distribution has gone crypto. The two left in March and are setting up a new crypto exchange, Crossover Markets Group. It is expected to launch later this year.

“We’re working at lightning speed with a ton of momentum behind our backs. Just four weeks ago we were working at a large investment bank and today we are halfway through our seed investing cycle,” Mulvihill told eFinancialCareers. “We expect to have the first iteration of our core infrastructure operational by the end of this summer.

Crossover Markets doesn’t have massive hiring plans like Coinbase, the retail-focused crypto exchange that plans to hire more than 2,000 people this year, but it plans to hire. Vlad Rysin, the former chief technology officer of Euronext FX, is already on board as CTO. Half a dozen new hires are expected in June, and 12 to 15 more from September. “At first, most hires will be development-related, but starting in September it will be more customer-focused,” says Mulvihill. “- Sales and business development, support, operations, cash management roles, etc.”

Mulvihill says their main competitor is LMAX, the institutional crypto exchange valued at $1 billion last July when private equity firm JC Flowers took a 30% stake. Retail-focused players like Coinbase are more like brokerages than exchanges, he says: “It’s still early days in the institutional digital asset space. Our team’s DNA is rooted in decades of experience working with clients seeking exclusively institutional venues.

When Crossover Markets adds staff, Mulvihill says he won’t expect them to come into the office: “We believe the COVID era has revealed that working from a desk is totally inefficient. ” However, the business will not be fully digital: “Having office space via local hubs where employees can work when they choose to come and/or where we can collaborate together for whiteboard sessions and even just socially is something we think is essential. We will definitely have hubs in New York and London and we will look to Miami and elsewhere depending on where our employees are located.

Like Mulvihill, Mazzarese and Rysin, many of the new hires are likely to have a background in traditional finance. Senior bankers will continue to flock to crypto, predicts Mulvihill. “There has been an avalanche of investment in digital assets and this has driven both the need to hire experienced talent and also the checkbook to pay for that talent.”

Mulvihill’s comments about office work come as his former employer tries to persuade seniors to come back to the office to mentor juniors.

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Ex-Crypto Jefferies MD Says Offices Are “Completely Inefficient”

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