Bitcoin trading and custody services provider NYDIG has hired John Dalby, CFO of Bridgewater Associates, the world's largest hedge fund, as its CFO.
Dalby has joined NYDIG as the firm is experiencing rapid growth. NYDIG recently raised more than $300 million from a group of strategic partners, including Morgan Stanley, New York Life, and MassMutual. The firm also recently launched a global Insurance Solutions practice to create bitcoin-powered products and services for the global insurance industry.
"The growth of NYDIG has been incredible," said Dalby. "Every day, more industries come to understand Bitcoin's potential and more clients seek ways to safely access it. Personally, I share NYDIG's vision for Bitcoin's ability to propel economic empowerment for all. I eagerly look forward to doing my part to help NYDIG deliver innovative Bitcoin solutions to institutions and individuals."
Earlier this week, NYDIG also partnered with fintech firm FIS, a Fortune 500 company, to let banks offer bitcoin capabilities to their customers. NYDIG president Yan Zhao recently told The Block that the firm is well-positioned to make institutional investors comfortable with investing in bitcoin.
As for Bridgewater Associates, the firm is yet to move into the crypto market. Earlier this year, Bridgewater's director of investment research, Rebecca Patterson, said the firm could invest in bitcoin if its volatility reduces, liquidity increases, and when there is regulatory certainty.
Written by Yogita Khatri