trueDigital Blockchain Crypto Upstart Adds Thomas Kim as New CEO from Bridgewater Associates
Last March, a blockchain upstart named New York’s trueDigital was founded. It has managed to build up Signature Bank’s blockchain payment system since it launched.
Despite the fact that JPMorgan was featured predominantly in the news for their blockchain-based JPM Coin, Signature bank already has been processing millions of dollars a day, as a result of trueDigital’s contributions to the Signet system.
Still, there is more work to be done, and that’s why trueDigital has brought in a new CEO named Thomas Kim. Kim comes from Bridgewater Associates, which is the biggest hedge fund in the entire world and will be working as the chief executive of trueDigital now.
His main focus will be trying to bring the same experience that trueDigital brought to Signature Bank, but to more clients.
Kim said, “I personally believe the market is signaling tremendous opportunities to bring traditional and digital markets together, and trueDigital is on the forefront of this trend with its payment platform and crypto derivatives. A lot of the bigger organizations are getting realistic about their capabilities, but the need for these solutions is not going down.”
The founder and former CEO of trueDigital, Sunil Hirani, says that the ongoing partnership with Signature Bank has been positive. He added,
“We needed to bring in someone like Thomas, with his experience and leadership, so we can take it to the next level.”
During Kim’s time with Bridgewater, he spent 7 years managing the firm’s investment engine department. Before Bridgewater, he was the CEO of UNX LLC, though it was acquired in 2012. He also worked at Lehman Brothers before it collapsed in 2008.
The Signet system for Signature Bank was launched only a couple of months ago, but it allows clients to send funds between each other, which are referred to as “Signets.” In order to function, the solution sought out and received approval from the New York State Department of Financial Services (NYDFS). It also is covered by the Federal Deposit Insurance Corporation (FDIC).
With his work as CEO, Kim also plans to supervise the exchange in Bitcoin swaps this year. The company still has to get the required approval from the Commodity Futures Trading Commission, according to Hirani.
Even with the bear market presently taking over the industry, Kim remains optimistic. He said,
“I see many market movements by the institutions trying to figure out how they can include crypto derivatives in their portfolios. I expect adoption to get broader, and trueDigital actually has products for that.”