Former high-level #TradFi executives have moved to the market #tiềnđiệntử. Will they ever return?

There are many regulatory actions in the United States and a crypto winter is underway. But former TradFi executives now involved in cryptocurrency say they don't want to return to their old banking lives.

They remain optimistic about the future of the industry. At the same time, they love being able to realize innovation.

More and more people are leaving the TradFi market

Lisa Wade - CEO of DigitalX is one such person. She turned to cryptocurrency in December 2021. Lisa Wade was formerly head of innovation and sustainability at National Australia Bank (NAB). NAB is in Australia's Big 4.

Wade said that the cryptocurrency industry gives her more freedom. That was enough for her to take creative risks.

“It's clear that the future of finance is Web3 — it's hard to innovate internally so those of us with the fire are constantly jumping ship.”

Wade holds the belief that cryptocurrencies will gain widespread acceptance in the coming years. She said:

“Like ESG, this will become mainstream in 10 years or sooner.”

She turned to the crypto industry to “build something amazing […] in a way a bank couldn't.”

Similarly, Guy Dickinson - CEO of carbon trading platform BetaCarbon left a lucrative banking executive role in 2022 as former treasurer of HSBC Australia.

He say:

“I turned to Web3 because the environmental and carbon credit markets were not easily accessible, and Web3 provided market access."

For Dickinson, the driving force behind the move wasn't money. He seeks personal satisfaction.

“It's not more profitable; however it is much more satisfying.”

Dickinson said.

Traditional financial activities are no longer as safe as before

Dickinson also adds that jobs in traditional finance are no longer as secure as they once were:

“The banking industry is dying. Continued layoffs and technological inefficiencies put many professional services roles at risk. A senior bank official always has a back door in the current context.”

Simon Dixon - CEO of investment platform BnkToTheFuture said that he actually tried to start a traditional bank in 2011 before building a "regulated crypto securities business".

When researching starting a traditional bank, he discovered that it was a big risk:

“When we applied for the license, the regulators told us we had to store our money in a fractional reserve bank and it would only be profitable if we leveraged customer money bank like all banks.”

Many TradFi executives have gradually turned to cryptocurrencies in recent times.

According to a Fortune report,  two JPMorgan executives - Eric Wragge and Puja Samuel have resigned to move into the cryptocurrency industry.

Samuel, who was previously head of ideas and digitization at JPMorgan, has taken on the position of head of corporate development at Digital Currency Group.