BlockFi, a digital asset financial services firm, has boosted its Asia presence with the new hire of Rishi Ramchandani as Director of Business Development, Asia.
According to BlockFi, Ramchandani most recently led global and Asia equities teams for Bank of America Merrill Lynch. As crypto is capturing growing interest from institutional money, Ramchandani is expected to to be “pivotal” in building BlockFi’s institutional services in the region. Ramchandani is also a Fintech investor and entrepreneur having previously founded two startups. It is BlockFi’s goal to provide 24/7 services to its institutional customers.
BlockFi continues to expand in Asia, having recently partnered with Poolin to bring services for crypto miners. The company has also brought on HashKey and Three Arrows Capital as strategic investors.
Zac Prince, founder and CEO of BlockFi, said it was no coincidence that Bitcoin has been the best performing asset for eight of the last ten years and following this year’s halving event, institutions are more interested in profiting from the crypto market:
“As investors look to hedge market positions, especially in times of uncertainty, crypto will likely be one of the most confident investments a traditional institutional investor like a hedge fund or family office could make. With Rishi Ramchandani on board, and his wealth of knowledge on the various trading cultures and regulations in these markets, BlockFi is well-poised to lead the charge in Asia,” said Prince.
Ramchandani added that institutional support and adoption of crypto has soared amongst traditional investors, yet in markets across Asia there is an untapped opportunity to capitalize on and evolve institutional trading strategies:
“BlockFi, with its pursuit to bridge the gap between traditional finance and crypto, and its zero-loss track record, is the best player in the space to do so,” Ramchandani stated.
BlockFi Institutional Services provides solutions that are tailored towards each institution’s strategy and provide clients with access to cryptocurrencies to execute trading strategies and hedging their positions. BlockFi reports that it currently manages more than $1 billion in assets on the platform and has operated with a 0% loss rate across its portfolio.