Tower Research global FICC head joins crypto custodian

Industry veteran Nick Carmi has also held senior roles at Deutsche Bank, and worked at Barclays, Lehman Brothers, UBS and Credit Suisse early in his career.

The global head of fixed income, currencies and commodities (FICC) at market maker Tower Research Capital has departed the firm for a senior role at an institutional crypto custodian.

BitGo confirmed in a statement that Nick Carmi has been appointed head of financial services, reporting to chief executive Mike Belshe. Carmi has 25 years’ experience as a financial executive, having also worked at major institutions such as Deutsche Bank, Barclays, Credit Suisse, Lehman Brothers and UBS.

“Nick brings the right type of experience for BitGo to bridge between the complex technology of digital assets and the traditional financial markets. Nick brings a wealth of industry knowledge and has built these types of systems before,” said Belshe. “Nick will be critical to our future progress, helping us meet the existing needs of traditional clients while also helping us build a better financial market of the future in ways that can only be done with digital assets.”

In his role at Tower Research, he ran the fixed income and FX businesses and was responsible for oversight of operational risk, prime brokers’ leverage and counterparty trading limits, and developing access to new products including cryptocurrencies.

Carmi was formerly a director for listed and OTC clearing sales at Deutsche Bank where he was involved in establishing the bank’s fixed income prime brokerage for treasury and repo, and helped the equity derivative division build its clearing service.

Late last year, BitGo appointed Richard Corcoran as CEO of its newly-created custodian business known as BitGo Trust Company. Corcoran has more than 30 years’ experience as a senior trust executive, formerly heading up the trust department at the First National Bank in Sioux Falls.

BitGo Trust Company offers financial institutions regulatory compliance through its custodian license and cold storage technology for more than 100 coins and tokens, as well as fiat currencies.