Bybit Expands Focus on Institutional Clients with New Executive Role
Bybit is increasing its focus on institutional clients, appointing Shunyet Jan as head of institutional after leading the derivatives business since September. Jan has extensive experience in traditional finance, having worked at firms such as Goldman Sachs and JPMorgan, and spent over seven years at Tower Research Capital. His background with sovereign wealth funds and hedge funds positions him to understand institutional investors' needs.
Jan stated his goal is to position Bybit as the top choice for institutional clients by enhancing custody solutions, expanding loan products, and strengthening platform liquidity.
Zachary Fallon is returning to Latham & Watkins LLP as a partner in its emerging companies and growth practice after 15 years. He previously served nine years at the SEC's corporate finance division. Latham executive Tad Freese described Fallon as an expert in digital assets and crypto.
BitGo appointed Ben Reynolds to lead efforts around its USD-backed stablecoin launched in September. Reynolds was the president of Silvergate Bank until March 2023 when the bank announced its intent to wind down operations. BitGo CEO Mike Belshe highlighted Reynolds' expertise in developing digital asset payment infrastructure as a significant asset for expanding the USD Standard network.
Recent layoffs occurred at dYdX and Consensys, with Consensys reducing its workforce by 20%, approximately 160 employees, and dYdX cutting 35% of its core team. Kraken also indicated potential layoffs while announcing Arjun Sethi as its new co-CEO.