Goldman Sachs partner who led bank's crypto efforts is leaving
February 5, 2020, 12:12PM EST
1 min read
Bloomberg reports that Rana Yared, the Goldman Sachs partner who once spearheaded the bank's nascent cryptocurrency efforts, is leaving the Wall Street giant.
As reported Wednesday, Yared "played a key role in a group that invested the firm’s own capital in emerging tech companies, and helped drive big returns for the trading unit through that operation."
But it was her work in building up Goldman's internal crypto efforts that were on display in a 2018 New York Times profile. She told the publication that "I would not describe myself as a true believer who wakes up thinking Bitcoin will take over the world."
"For almost every person involved, there has been personal skepticism brought to the table," she was quoted as saying.
In that interview, she spoke to the interest among institutional firms in the crypto space and commented that "[i]t resonates with us when a client says, 'I want to hold Bitcoin or Bitcoin futures because I think it is an alternate store of value.'"
Yared was named partner at Goldman Sachs in 2018, having joined the firm in 2006.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.