Posted July 06, 2022
By Matt Insley
After a 21 year tenure, Eric Wragge is one of three JPMorgan Chase & Co Executives who left their positions this week, to take on roles in cryptocurrency. The former managing director will act directly under the Foundation’s CEO as Head of Business for the Algorand blockchain project.
Due to the complete decentralization of the Algorand blockchain, neither a strong central authority nor a single point of control exist. Every block must be approved by a special committee of users who are chosen at random and in secret.
In his new role, the former JPMorgan Exec will oversee international projects and business alliances in both decentralized finance and traditional markets.
The news of Wragge’s departure comes just days after JPMorgans Global Head of Digital Solutions, Samir Shah, announced his leave from the firm after 12 years. Shah will be operating as Pantera Capital’s Chief Executive Officer.
Pantera is a cryptocurrency focused hedge fund, which notably launched the first U.S. based crypto fund in 2013. Founder Dan Morehead believes that monetary mistakes made by the Federal Reserve have gone on far too long, causing a negative impact on the crypto market. Pantera recently pumped a substantial portion of their assets into Bitcoin, with plans to focus on higher-risk/higher-reward altcoins once the market finds its bearing.
JPMorgan’s Head of Ideation and Digitization, Puja Samuel, joined the growing list of Execs leaving the firm for the world of cryptocurrency. After a 3 year career, Puja announced through LinkedIn her new role as Head of Corporate Development for venture capital firm Digital Currency Group, the parent company of CoinDesk.
Digital Currency Group Founder Barry Seibert said in a tweet last month:
“Feels like we have hit max pain and uncertainty in the crypto market – –
We’re buying BTC here. Let’s go!”
Publisher, Daily Crypto Hunter