More financial professionals leave traditional banks for crypto industry

More financial professionals leave traditional banks for crypto industry
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More financial professionals leave traditional banks for crypto industry

Numerous financial experts are switching in the crypto industry.

04/25/2022

More financial professionals leave traditional banks for crypto industry

An influx of financial professionals is now switching into the crypto industry, according to a report.

One of them is Pamela Draper, CEO of Bitvo exchange. Before, she worked in a Canada-based investment bank.

Pamela Draper resigned from the Bank of Montreal and transferred from Toronto to Calgary four years ago. Her reason for leaving the investment bank was to venture into the cryptocurrency market.

Draper told The Globe and Mail about her experience and why most of her former co-workers have joined the space.

Arena for New Opportunities

It all started when Draper was working at the Bank of Montreal. “A client approached her with a proposal,” she narrated.

The unnamed client encouraged her to move from Toronto to Calgary and assist him in “starting a cryptocurrency exchange company.”

At first, she refused to accept the offer. However, Draper changed her decision throughout the 2017 Christmas holidays. 

Thinking that it was an opportunity in a new industry, she agreed and left the investment bank after 14 years.

But her ex-colleagues were surprised knowing that she would resign from her job to establish a digital currency exchange. 

Currently, Draper is the CEO of Canada-based Bitvo exchange company. Several of her former colleagues at the Bank of Montreal have joined her.

“It’s great to work with them again on this side of the fence,” she said.

Growing Workers in Crypto Industry

With the increasing flow of financial experts switching to crypto-related careers, will traditional banking industry experience a shortage of talents?

Guy Shaul, a principal at Heidrick & Struggles International Inc., a leading senior-executive search company, affirmed his company’s crypto department has increased over the past year. 

Shaul admitted that they had to convince people before, telling them their clients were not laundering money. 

“Now, we have to try and work out who’s genuinely interested because most people are open to hearing about it because there is a lot of money being made,” he stated.

By Marielle Petere Wozinga Staff

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