Morgan Stanley executives and a group of former Goldman Sachs Group Inc have joined a crypto trading platform. Their peers have started this platform as a part of the growing cohort of Wall Street veterans who are betting on the volatile world of virtual assets.
Amber Group had recently appointed former Goldman Sachs part Dimitrios Kavvathas as the Chief Strategy Officer. It had also appointed the ex-Morgan Stanley M Todd Miller as the Chief Operating Officer for the Americas.
Sotirios Kavvathas is the younger brother of Dimitrios, who is holding leadership roles at the Royal Bank of Scotland and auditor BDO. He will serve as the operations chief for Europe. It is a HongKong based startup. It also added that three regional directors in Europe hail from the finance industry.
Amber started its journey in 201 as 5 Morgan Stankey traders market its beginnings. They belong to a corp of the company that develops financial services for over-the-counter trading to the structured and derivative products. In June, the firm managed to raise $100M from its investors. It includes DCM Ventures and Tiger Global Management. It has helped them to boost its valuation to $1 billion.
The startup has added 250 employees in the past 8 months. It has a global headcount with 450 members; CEO Michael Wu said the new hires would help the firm to formulate its global strategy and will improve its engagement with regulators and institutional clients.
Kavvathas, the new CEO of Amber, was among the executives of Goldman Sachs whom the Malaysian government charged with a 1MDB scandal in 2019. After the settlement of the case last year, all proceedings that rose against him discontinued any further actions.
Amber, a crypto trading platform, has managed to surge its $1.5 billion trading capital and $500million revenue.