As the digital asset industry continues to grow at a surprising speed, many of its related firms have also shown rapid growth within the short while. Grayscale is responsible for most of Bitcoin’s trading volumes, as institutional buyers get indirectly exposed to digital assets through the means. The company recorded large profits as 2020 came to an end, and was 2021 began, the firm has been making some internal and external changes.
The firm holds large Bitcoin reserves for it clients, meaning that it would have recorded large profit margins, as Bitcoin doubled within the past few months. The industry’s attractiveness is bringing in more investors who want to explore the booming sector to assure profits as the world starts seeing crypto as a real asset.
Grayscale hits multiple AUM within a year
The company started its expansion plans since last year, when it hired many more people to help make the company function well. The firm also changed it’s CEO recently, and now, it has appointed some new c-suite staff. The new hires have filled the position of the Chief Operating Officer, Chief Compliance Officer and Chief People Officer.
Grayscale is a relatively new firm as it was founded in 2013, as one of the world’s first crypto asset manager. The firm targets high-net-worth individuals and institutions, where it would give them indirect exposure to numerous digital assets. Grayscale would manage the accounts and holdings, so users don’t have to worry about holding or keeping their digital assets.
The firm’s assets under management continues to grow at as amazing rate as it multiplied its AUM multiple times in 2020. Sources saw that the increase is mainly because more investors are interested in digital assets, unlike before where not many people understood the investment.
Grayscale to employ more people in 2021
The asset manager also had a change of CEO, from Barry Silbert to Michael Sonnenshein, who currently holds the position. The change could mean that the company was targeting a serious restructuring, especially with now where it has new c-suite officers.
One of the company’s new hire is Hugh Ross, who had worked as COO for many years would assume that same position in Grayscale. The firm’s choice is obvious since Ross has around 12 years experience in a similar institution. Interestingly, Ross had been an executive at Goldman Sachs, where he was vice president for sometime.
The next hire is Benjamin Melnicki, who is the firm’s new Chief Compliance Officer. He had worked in Ripple Labs, where headed the regulatory counsel, and had also worked under some crypto-related firms long before. The firm’s Chief People Officer would be Angela Romano Kuo. The firm said its new CPO had helped other organizations assure rapid expansion plans necessary for development.
Many people also understand that Grayscale doubled it employees in 2020 alone, which shows that there are now more hands on deck necessary for the firm’s internal restructuring. Some sources explained that the firm said it would employ more people this year, and the firm already has three new hires to establish that claim.