On August 6, it was reported that Galaxy Digital, which is a cryptocurrency investment bank run by Mike Novogratz, had hired Wall Street veteran David Gross. Gross previously worked as head of global sales at Cumberland, which is a large digital currency trading company that is a subsidiary of DRW Holdings. He is the 4th major executive to leave that company in recent months.
According to the reports, Gross' main task at the bank will be increasing its sales in three specific business units of the company. These same reports indicate that Gross will report directly to Chris Ferraro, who is the president of the bank.
Before going to work at Cumberland — where he spent the past year — Gross had built a long career at a number of prominent Wall Street companies. During the previous 15 years, he held senior executive positions at both Lehman Brothers and Credit Suisse, which are two companies that provide financial services on a global basis.
Gross is not the first former Wall Street executive this year to take an important position at Galaxy Digital. Back in May, Tim Plaka, who worked in Coinbase's over-the-counter trading department, left the digital currency exchange to take a position at the bank that was also related to the over-the-counter trading of cryptocurrencies.
At the same time, though, many important executives have left Galaxy Digital as well. It has been reported that 6 top executives at the bank have left the company in the last few months alone. This include Mike McMahon, who was the CTO of the bank. The departures have come in the wake of heavy losses at the bank. In 2018, Galaxy Digital is said to have lost close to $275 million.
In related news, it is being reported that Bitcoin.com has a new CEO. Following the departure of Roger Ver, who left his position in order to become the executive chairman of the company, Stefan Rust was named the company's new chief executive.