Exclusive: Ex-UBS Expert Joins Crypto Market Maker Acheron Trading amid 369% Volume Surge
Exclusive: Ex-UBS Expert Joins Crypto Market Maker Acheron Trading amid 369% Volume Surge
After
collaborating with legal departments of the world’s largest investment banks,
Daniel Lo has just joined the Acheron Trading team. As Finance Magnates
exclusively learned, the expert with over 12 years of experience in financial
law has become the new Chief Legal Officer (CLO) of the crypto market maker,
which significantly increased its trading volume in 2024.
Lo moved to
Acheron from Cake Group, a Web3-related company, where he served as CLO for
over two years. Previously, however, he built his experience in the world of
“old finance.” He worked as Legal Counsel for UBS in Singapore for
two years and as a Derivatives Negotiator in the Canadian branch of RBC Capital
Markets.
“Acheron
Trading has long stood out to me for its commitment to transparency and
accountability in the fast-evolving crypto market,” Lo commented
exclusively for Finance Magnates. “I look forward to building with this
talented team during this significant period of growth and innovation.”
Acheron has
been operating in the crypto market-making space for six years, collaborating
with 400 different issuers. The year’s first half brought a several-fold
increase in realized volumes, hence the need to hire a new expert in
regulatory, legal, and compliance matters.
Acheron Trading Volumes on the Rise
The new
appointment comes as the firm expands its team to handle a 369.6% increase in
year-over-year trading volumes for the first half of 2024. The company has also
added new staff in its quantitative trading , quantitative development, and
sales departments, recruiting from companies such as SpaceX and Interactive
Brokers.
Acheron’s
expansion comes amid a broader surge in the cryptocurrency market. The firm
reported that assets brought to market in the first half of 2024 have
outperformed all of 2023 by 233%. This growth has been fueled by factors
including Bitcoin’s market cap crossing $1 trillion in February and speculation
about a potential Ethereum ETF.
Wesley Pryor, founder of Acheron Trading
Wesley
Pryor, founder of Acheron Trading, noted the company’s need to adapt its
traditionally lean operational strategy “to scale with the industry and keep
pace with increasing trading levels and greater regulatory measures.”
“Daniel’s
appointment and the many others we have just made underscore Acheron Trading’s
unwavering commitment to meet the evolving needs of our clientele. Both the
individual and collective professional experiences of our new hires are
invaluable to our strategy as we rise to this new tide of activity,” Pryor
added.
Crypto Sector Highly
Concentrated
The company
also highlighted changes in market dynamics, including an extension of the
initial price discovery phase for new assets from an average of 1.2 days to 6
days. However, the firm noted that the sector remains highly concentrated, with
the top eight largest exchanges accounting for more than 90% of global market
depth.
Laurent Benayoun, CEO of Acheron Trading
“As a
trusted principal and designated market maker, we must scale in order to meet
the demands of our clients who are driving the industry forward,” added Laurent
Benayoun, CEO of Acheron Trading, emphasizing the need to scale operations to
meet client demands. “By strengthening our QT, QD, and sales teams, we are
continuing the provision of a transparent and symbiotic MM offering.”
Acheron’s
recent growth is also part of a broader initiative that has seen the company
make several key moves in recent years. The firm has diversified its offerings
by introducing a principal market-making service and developing Command
Station, an in-house trading infrastructure platform. Additionally, Acheron has
formed new partnerships, including a collaboration with the tech incubator
forgd.com. The company also bolstered its technological capabilities through
the acquisition of HedgeTech, a Boston-based firm specializing in algorithmic
market-making solutions, in 2022.
Also, check out other executive moves recently described by Finance Magnates.
After
collaborating with legal departments of the world’s largest investment banks,
Daniel Lo has just joined the Acheron Trading team. As Finance Magnates
exclusively learned, the expert with over 12 years of experience in financial
law has become the new Chief Legal Officer (CLO) of the crypto market maker,
which significantly increased its trading volume in 2024.
Lo moved to
Acheron from Cake Group, a Web3-related company, where he served as CLO for
over two years. Previously, however, he built his experience in the world of
“old finance.” He worked as Legal Counsel for UBS in Singapore for
two years and as a Derivatives Negotiator in the Canadian branch of RBC Capital
Markets.
“Acheron
Trading has long stood out to me for its commitment to transparency and
accountability in the fast-evolving crypto market,” Lo commented
exclusively for Finance Magnates. “I look forward to building with this
talented team during this significant period of growth and innovation.”
Acheron has
been operating in the crypto market-making space for six years, collaborating
with 400 different issuers. The year’s first half brought a several-fold
increase in realized volumes, hence the need to hire a new expert in
regulatory, legal, and compliance matters.
Acheron Trading Volumes on the Rise
The new
appointment comes as the firm expands its team to handle a 369.6% increase in
year-over-year trading volumes for the first half of 2024. The company has also
added new staff in its quantitative trading , quantitative development, and
sales departments, recruiting from companies such as SpaceX and Interactive
Brokers.
Acheron’s
expansion comes amid a broader surge in the cryptocurrency market. The firm
reported that assets brought to market in the first half of 2024 have
outperformed all of 2023 by 233%. This growth has been fueled by factors
including Bitcoin’s market cap crossing $1 trillion in February and speculation
about a potential Ethereum ETF.
Wesley Pryor, founder of Acheron Trading
Wesley
Pryor, founder of Acheron Trading, noted the company’s need to adapt its
traditionally lean operational strategy “to scale with the industry and keep
pace with increasing trading levels and greater regulatory measures.”
“Daniel’s
appointment and the many others we have just made underscore Acheron Trading’s
unwavering commitment to meet the evolving needs of our clientele. Both the
individual and collective professional experiences of our new hires are
invaluable to our strategy as we rise to this new tide of activity,” Pryor
added.
Crypto Sector Highly
Concentrated
The company
also highlighted changes in market dynamics, including an extension of the
initial price discovery phase for new assets from an average of 1.2 days to 6
days. However, the firm noted that the sector remains highly concentrated, with
the top eight largest exchanges accounting for more than 90% of global market
depth.
Laurent Benayoun, CEO of Acheron Trading
“As a
trusted principal and designated market maker, we must scale in order to meet
the demands of our clients who are driving the industry forward,” added Laurent
Benayoun, CEO of Acheron Trading, emphasizing the need to scale operations to
meet client demands. “By strengthening our QT, QD, and sales teams, we are
continuing the provision of a transparent and symbiotic MM offering.”
Acheron’s
recent growth is also part of a broader initiative that has seen the company
make several key moves in recent years. The firm has diversified its offerings
by introducing a principal market-making service and developing Command
Station, an in-house trading infrastructure platform. Additionally, Acheron has
formed new partnerships, including a collaboration with the tech incubator
forgd.com. The company also bolstered its technological capabilities through
the acquisition of HedgeTech, a Boston-based firm specializing in algorithmic
market-making solutions, in 2022.
Also, check out other executive moves recently described by Finance Magnates.
Published at Mon, 22 Jul 2024 15:25:04 +0200