Galaxy Digital Welcomes Tim Plakas, Former COO At Coinbase’s OTC Trading Desk
One of the brightest talents at Coinbase, Tim Plakas, is moving from the distinguished exchange to billionaire Mike Novogratz’s Galaxy Digital. Tim is one of the most influential figures that led to the implementation of OTC markets to Coinbase and is set to do the same to Galaxy Digital’s OTC desk. No information on his role at the billionaire’s company has been released to the public yet.
Growth Of Coinbase OTC Trading Desk
Asiff Hirji, the chief operating officer and president of Coinbase OTC trading desk, hinted on the possible addition of OTC markets on its platform in June 2018. The news grew old fast but later in November, the company quietly launched its OTC markets for the Coinbase Prime customers.
The company are licensed under the New York State Department of Financial Services which allows the firm to forge “a path to offer future services that include crypto securities trading, margin and over-the-counter (OTC) trading, and new market data products.”
The launch of the OTC desk by Coinbase provides a gateway for institutions and corporations in cryptocurrency investments. It provides and efficient, cheap and attractive method to trade digital assets using private brokers between buyers and sellers. Tim has a huge effect on Coinbase’s OTC desk success despite not being the author of the idea.
Plakas Set To Leave Position At Coinbase To Ben Floyd
Timothy Plakas is an experienced financial analyst having previously having worked in equity sales, trading and investment relations at Citigroup bank. Furthermore, Tim interned as a wealth management analyst at Merrill Lynch and spent 7 years serving in the US. Air Force. His LinkedIn profile shows he studied in Fordham University and graduated with a bachelors’ degree in Economics.
While Timothy Plakas ranks as one of the top employees at the investment wing of Coinbase, other employees have also moved to greener pastures including Christine Sandler, who left to join Fidelity earlier this year, and Hunter Merghart, who recently joined rival exchange Bitstamp from Coinbase.
Given Plakas move to Galaxy Digital, his slot will be occupied by Ben Floyd, the current head of trading at Coinbase. Ben is the founder of BPL Digital, a mobile and web agency, which he acquired in April 2018. Furthermore, Floyd previous work experience as a writer, analyst and venture capitalist in the cryptocurrency world suits his new role.
Earlier in the year in April, Galaxy Digital also said goodbye to its Chief Technology Officer, Mike McMahon.