By Michael Scott
The US-based digital asset management firm Arrington Capital has announced plans to hire Bhavik Patel, former derivatives ventures and product manager for BitMEX. A report by Arrington Capital dated February 1 revealed that Bhavik Patel would serve as the company’s chief investment manager. Patel has a vast experience in the derivative strategy that will assist the digital management firm in improving its performance.
Leadership Change and Downsizing Staff
In November last year, crypto exchange BitMEX axed 30% of the workforce to reroute its resources to derivatives trading. Before the layoffs, BitMEX chief executive Alexander Hoeptner had resigned from office.
The move to slash headcount was influenced by losing a significant market share to bankrupt FTX, ByBit, and leading crypto exchange Binance in 2019 and 2018.
Besides challenges battling the Seychelles-based crypto exchange BitMEX, Patel has made efforts to improve the derivative businesses for the firm. Before this, Patel worked as a derivative expert at the Hong Kong-based financial service provider UBS. Patel had also worked at a European asset management bank overseeing the firm’s risk management and trade.
In his new role, Patel assures the Arrington team to utilize his vast financial market experience to assist Arrington in thriving and restoring the firm’s liquidity unit.
In a statement issued on February 1, Patel confessed to assisting the firm in developing its over 200 portfolios, crucial for building a strong financial structure for the company to blossom.
What to Expect from the New Chief Investment Officer?
Undeniably the leading digital management firm Arrington has been operational since 2017. Besides providing digital assets management services, the firm has expanded its investment portfolios, including Algorand Growth Fund, Moonbeam Growth Fund, and XRP Capital fund. At the moment, the company is valued at over $1B.
Moreover, the Arrington team has partnered with other international venture capitalists, such as Silicon Valley.
Michael Arrington, the founder of the digital asset management firm, disclosed that the company opted to be more resilient to the changes in the crypto industry and market. Arrington restated that with Patel’s leadership, the firm will add more value to its key stakeholders, such as the investors. He reaffirmed that Patel’s abilities would improve the company’s core businesses, including liquidity and trading sectors.