Bridgewater CFO steps in at Bitcoin firm NYDIG


Diving letter:

  • On Friday, the New York-based company launched Bitcoin Investment and Tech Solutions NYDIG named John Dalby, current CFO of the world’s largest hedge fund, his new CFO.

  • Dalby has headed the finance department at Bridgewater Associates for nearly three years. Prior to that, he spent nearly four years as CFO-COO of DE Shaw Renewables Investments, a private equity team focused on the acquisition and development of long-term contracted renewable energy assets in North America. His career began with over 20 years at UBS, culminating in the role of CFO of UBS Americas.

  • Dalby’s appointment follows a year of rapid growth for NYDIG. In March the company closed a $ 300 million financing roundand started his global practice for insurance solutions with partners New York Life and MassMutual. Last week, payment processor Fidelity National Information Services entered into a partnership with NYDIG Payments Dive reported to offer Bitcoin services to its bank customers.

Dive Insight:

“Working on Bitcoin is increasingly what many of the best and smartest people are looking for – including industry leaders like John – and NYDIG is uniquely positioned to give them the platform, resources and culture to shine to pursue our shared mission To bring Bitcoin safely to everyone, “said Robert Gutmann, Co-Founder and CEO of NYDIG, in a statement.

“NYDIG’s growth has been incredible,” said Dalby. “Every day, more industries understand the potential of Bitcoin, and more and more customers are looking for ways to securely access it. Personally, I share NYDIG’s vision that Bitcoin can drive economic empowerment for everyone. “

“Yesterday, employers of their choice recognized that the support of 401ks and health insurance companies plays an important role in attracting and retaining top talent. Today employers of their choice are also recognizing the importance of supporting Bitcoin, ”added Ross Stevens, NYDIG Founder and Executive Chairman. “John’s move to NYDIG shows a growing trend for top talent to vote with their feet to advance Bitcoin’s integrative role as De (Central) Bank and its dual mandate as the ultimate risk-on-asset and ultimate risk-off-asset. “

Dalby is the latest in a line of notable executives entering the cryptocurrency space.

In 2018 CFO of Och-Ziff Capital Management Alesia Haas left To become CFO of Coinbase Global. Former US Commodity Futures Trading Commission last month Chairman Christopher Giancarlo joined Board member of cryptocurrency financial services company BlockFi.

Also in April, Brian Brooks, a former Coinbase manager and Acting Comptroller of the Currency of the Trump administration, became US CEO of Binance. Banking Dive reports.

To ensure a smooth transition, Dalby will remain in his role at Bridgewater through Q2 Hedge funds said Bloomberg. A replacement is currently being sought.

NYDIG and Dalby representatives did not respond to requests for comment.