Chicago Crypto Trading Hiring Spree
Even with the current bear marking, speed traders in Chicago are interested in hiring more crypto talent. One such firm is Geneva Trading, a firm that has offices in Chicago, Dublin, and Singapore. The firm is interested in developing a crypto team and to also bring on a trading team lead.
According to the job advertisement, the right individual will be able to build a successful team of quantitative traders, developers, and analysts. They will also be able to maintain trading strategies related to crypto.
Interestingly enough, the hiring firm was recently fined $1.5 million by the Commodities Future Trading Commission for regularly participating in spoofing, which has been a significant problem in the crypto industry. In this case though, it is unclear as to whether the spoofing had anything to do with crypto.
Another firm, DRW is also looking to hire for its crypto unit in Cumberland. Most recently, the company featured 11 job postings relating to digital assets. Another firm is Akuna Capital, which has offices in Chicago and is looking for crypto traders.
From the inside though, one crypto trader has stated that,
“OTC was a lucrative business last year. The question now is: Does it come back, do people give it up? At this point, there is no clear answer.”
In 2017, when crypto was at around $20,000, it was easier for traders to make money on arbitrage trades. There are fewer opportunities since then. As one trader stated,
“The exchange arbitrage trade has kind of gone [away]. That is not a full business model. Right now, it seems that quantitative trades are picking up.”