Ex-JPMorgan and Barclays executives explain the allure of crypto careers, even during a bear market.

In the face of a declining cryptocurrency market and the resulting layoffs in major crypto companies, traditional finance executives are still drawn to careers in crypto.
21Shares, a European crypto exchange-traded fund (ETF) provider, has made three significant hires to expand its operations in countries such as France, Germany, and the United Arab Emirates.
Marina Baudéan, the newly appointed head of France, Belgium, and Luxembourg at 21Shares, is venturing into the world of crypto after more than 15 years at Barclays, a British universal bank. Baudéan firmly believes that crypto represents the future of technology and will endure despite market fluctuations and other challenges. Drawing parallels between crypto and the early days of digital trading, she stated, “Transitioning from traditional finance to crypto felt like a natural progression for me.” Baudéan expressed her eagerness to enter the crypto industry due to its growth and momentum.
Oliver Schäfer, the new head of Germany at 21Shares, also brings a solid background in traditional finance, having amassed decades of experience at major financial institutions. Prior to joining the crypto ETF firm, Schäfer spent over 15 years at JPMorgan, an American investment bank. Schäfer believes in the long-term potential of crypto, emphasizing that the asset class is still in its early stages. He stated, “I am focused on the long-term opportunity rather than the short-term market conditions.” Schäfer’s interest in crypto grew after making his first investment in 2020 and following the industry’s technological advancements.
Despite JPMorgan’s active involvement in the crypto industry, CEO Jamie Dimon has been known for his notable criticisms of cryptocurrencies like Bitcoin (BTC). In response, Schäfer, a former executive director at JPMorgan, pointed out that many institutions initially held skepticism towards crypto assets but have since adopted them.
Sherif El-Haddad, former head of asset management at Al Mal Asset Management in Dubai, has joined 21Shares as the head of the Middle East region.
El-Haddad said, “I believe in the underlying fundamentals of cryptocurrencies and their expected growth over the next decade, and I have positioned myself accordingly.” He also revealed that he had attempted to launch a physically-backed crypto ETF at Al Mal but was unsuccessful in obtaining approval.
These new hires at 21Shares demonstrate that the crypto job market remains resilient despite the bear market and a wave of layoffs. While major crypto companies like Coinbase and Gemini have laid off up to 20% of their workforce due to tough market conditions and the beginning of an economic recession, other firms like FTX and the Binance crypto exchange have continued to recruit new talent during the ongoing crypto winter.