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The latest high-ranking official to switch from traditional finance to cryptocurrency

Varun Paul, the head of the Bank of England’s fintech division, is leaving to join Fireblocks after more than 13 years with the bank.

Paul is joining the crypto platform in an unidentified function after working in a series of roles at the company since arriving in 2008, the most recent of which he held for just over a year.

Fireblocks is a platform that brings together exchanges, OTCs, counterparties, hot wallets, and custodians in one place, allowing institutions to move cash swiftly and securely.

Paul is the latest in a series of senior executives who have transitioned from traditional finance to employment at startups and crypto businesses. Last month, Revolut’s chief revenue officer Alan Chang resigned to form his own web3 company, Tesseract, and Citi Group’s co-heads of digital assets quit to start their own crypto firm, Motus Capital Management.

Matthew Chamberlain, the CEO of the London Metal Exchange, resigned in January to join cryptocurrency startup Komainu. Meanwhile, in the last 18 months, two former Financial Conduct Authority personnel have moved into crypto roles at Bitpanda and Zodia. Fireblocks has transferred over $2 trillion in assets and raised $1 billion in total since coming out of stealth mode in 2019 with a $16 million Series A, boosting its valuation to $8 billion.

As per the organization, this makes it the world’s most valuable provider of digital asset infrastructure and as stated on its webpage, its goal is to enable every organization to effortlessly and securely support digital assets and cryptocurrencies.

Photo by Robert Bye

About the author, Deyvid Stoyanov

Deyvid developed his passion for technology, innovation, blockchain and decentralization throughout his bachelor and masters degree studies in Bulgaria and Italy. With several years of experience in the private sector, he is currently part of the FinTech Legal Center Tallinn-based team and remains immersed in the transformation of the financial and banking sector, the adoption of blockchain and cryptographic technologies as well as their interrelationship with state supervisory authorities and the European regulatory structure.

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