The former head of global electronic trading at Goldman Sachs Group, Inc., Greg Tusar, is optimistic about cryptocurrencies regardless of this year’s bear market, according to an interview with Bloomberg.
“It feels like being at the early days of trading equities electronically,” says Tusar. “It’s early stage, there’s a lot of opportunity to build great businesses and have impact.” The former head is now chief technology officer and a co-founder at Tagomi Holdings – the “first live electronic brokerage.”
He’s working there alongside CEO Jennifer Campbell and President Marc Bhargava, both of which are also co-founders.
Clarifying The Market
Tusar’s company analyzes liquidity between different exchanges and provides market information to clients including high-profile investors and hedge funds.
It’s no secret that the cryptocurrency market is in an odd state. We’re failing to properly regulate, working against scams and threats, stigmas, and more. Tusar understands the overall skepticism, and knows that no one group can help clients work out cryptocurrencies “from beginning to end.” He claims that exchanges need to cater to all aspects of the market, alongside educate investors on the ins and outs:
“The current environment is challenging, for sure, but we think there’s a lot of longer-term demand for digital assets and helping clients understand the transformative impact of crypto and blockchain.”
After 13 years at Goldman Sachs, Tusar definitely has knowledge on the subject. As global head of electronic trading, the now CTO commented on regulations, markets, and more as the face of the company. He was even pronounced partner in 2008.
Between Tagomi and Goldman, Tusar worked at KCG Holdings in New York as head of client market making and execution, before heading up as CEO at Greywolf Consulting.
What’s interesting about Tagomi Holdings is it comes in the middle of a long-running bearish market. In fact, it’s predicted that the market may fall even harder, with Bitcoin hitting a low of $1,500.
It doesn’t help that the Securities and Exchange Commission (SEC) is refusing Bitcoin ETFs thanks to insecurity and lack of regulation regarding the asset. The group is also going after different companies that fail to register assets as securities. That said, even with prices falling, the market isn’t nearly as volatile because of it. Campbell comments on the current state of the market, stating that “In periods of lower volatility, tools like those Tagomi provides, which reduce transaction costs, will become far more important.”
Tusar claims that their clients and investors are optimistic about cryptocurrencies, however. Some of these backers include Founders Fund by Peter Thiel, Collaborative Fund, SV Angel, Digital Currency Group, and Brainchild. He comments on his clientele:
“We began building in March and began testing our platform a number of months ago. We’re launching now because we finished building the platform and want to go out and engage clients. The people we’re engaging so far are still interested and engaged because they see what this technology can do over the long-term. In taking the long view, I really believe that this is a transformative technology, that we’re still in the early stages.”
After such an unfavorable year for asset prices, ICOs, and regulation in general, it’s great to see companies like Tagomi emerge from the ashes. Every emerging market goes through a tight space before becoming successful. It’s vital that we continue to engage investors, start new companies, push blockchain use cases, and more to keep interest high and the industry going.
In fact, some might argue that this early stage is the best time to get involved. Right now, we’re seeing innovation across the board despite all of the scams and bad press surrounding cryptocurrencies.