Crypto Prime Brokerage Enlists Former Wells Fargo, JPMorgan Exec

TradFi veteran Peter Eliades will look to support asset managers with infrastructure to make entering crypto easier

article-image

Peter Eliades, Floating Point Group’s new hire

share

key takeaways

  • Peter Eliades says he looks to expand on Floating Point Group’s existing presence across 50 institutional accounts
  • The executive spent the last three years as head of electronic sales and trading at Wells Fargo

A traditional finance (TradFi) veteran with more than two decades of experience at bulge-bracket banks JPMorgan and Wells Fargo is jumping into crypto.

Digital assets prime brokerage Floating Point Group has tapped Peter Eliades — who last headed electronic trading sales for Wells Fargo — to oversee business development in the US and throughout Asia Pacific.  

Eliades told Blockworks that the influence of cryptocurrency across “traditional media, sports, sponsorship [and] gaming” has become “increasingly evident.” The growing influence of digital assets in traditional spheres “by extension woke [Eliades] to the possibility of exploring something new and innovative,” he said. 

The executive’s focus on crypto stemmed from investing personal capital in a bid to “learn more about the benefits of digital markets and their pain points.”

Eliades was a vice president at Lehman Brothers in 2001,  before becoming a managing director at Bear Stearns & Co. about four years later. He went on to work for JPMorgan as head of Americas trading before joining Wells Fargo, and now looks to make a splash in crypto.

“[Eliades] has built world-class electronic trading businesses for decades and understands the role that crypto will play in shaping the future of global financial systems,” Floating Point CEO John Peurifoy said in a statement.

Peter Eliades, Floating Point’s new hire

Joining Floating Point was a particularly easy transition, he added, as Eliades has consulted for the company since 2018. The firm was founded that year and is backed by firms including Coinbase’s venture arm, Naval Ravikant and Tribe Capital.

Eliades said he is focused on helping Floating Point earn client trust and establish itself as “critical subject matter experts who help bridge the gap between crypto-natives and TradFi firms.” 

He highlighted the company’s global execution desk that can handle flexible order instructions and execute on a customer’s behalf. Though common in TradFi with equity and options markets, Eliades said, such capabilities are still fairly elusive in crypto. 

“We see it as our first touch point to help bring asset managers into the space and it’s the service they’re all looking for first before they get more complicated with their operations,” the new head of distribution said.  

The hire of Eliades comes after the company revealed the launch of FlowVault in June. The service offers a console- and API-based management of assets across exchanges via a single account.

“That gives us a really exciting springboard to branch out into giving them the same smooth secure access into DeFi and other critical partnerships with trading solutions and OTC liquidity aggregators,” the executive added.

“[This allows] clients to not only see and manage their assets but also trade, stake, store and leverage across the many options that are opening up to our crypto world.”


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

AERODROME TEMPLATE.png

Research

Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495B in value locked, doubling Uniswap's Base deployment.

article-image

The former Valkyrie CEO chats with Blockworks about what she has her eye on as Cypherpunk Holdings’ new leader

article-image

Thursday’s CPI report shows prices are coming down more quickly than analysts had anticipated, renewing hope that central bankers will cut rates in the fall

article-image

If we tokenize all assets in a speculative rush, the risk of creating illiquid markets and trapped value will manifest on a large scale

article-image

Plus, Trump is headed to the heart of Bitcoinlandia with a speaking appearance at the Bitcoin 2024 conference

article-image

Meanwhile, stocks rally after Jerome Powell finishes his Capitol Hill tour

article-image

Plus, Blinks have reshaped many people’s understanding of what blockchains are capable of