Kyle Downey has had a busy year. After 17 years at Morgan Stanley, where he was latterly in the automated risk trading department, he quit last October to found Cloudwall Capital, a digital assets/crypto risk management platform for institutional clients. He's since made a raft of ex-banking hires and has just raised $6.3m in seed funding to develop the platform.
"We are plowing the full amount into R&D headcount, quants and developers," says Downey. Many of those hires have been made already, however. By the end of August, Cloudwall will have 15 employees, including Singapore-based CTO Makas Tzvaellas (ex-OCBC and Morgan Stanley) and its most recent addition, Kevin Givens, a former quant researcher from Bank of America.
"The majority of the hiring we did was people coming out of traditional finance firms," says Downey. "We're building an institutional product to support investment in Web 3. What we care about is knowledge of quant finance and risk systems, and you get that in...
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