Today Dogecoin Rises as Bitcoin Falls And we sit down with Wall Street execs Who jumped to crypto to find out how They're weathering the industry's Downturn [Music] Welcome to cnbc's crypto worlds I'm FIFA Stevens digital currencies were mostly Flat over the Thanksgiving holiday and Today they are turning lower our new and Easter in Bitcoin fell to sixteen Thousand dollars an ether dipped to Eleven hundred dollars at the same time Dogecoin is surging this morning up to Nine cents in the past week Bitcoins Fallen half of one percent as the FTX Driven route continues ether is down 1.3 Percent All right jumping right to our main Story earlier this year it was Commonplace to find a seasoned Wall Street Executives making the jump to Crypto the Venture Capital money was Flowing the hype over web 3 and nfts was Growing and Bitcoin prices were in the 40K range but now not so much the FTX Scandal has cast a black cloud over the Crypto industry and on digital asset Valuations we caught up with a few Wall Street execs who made the jump to see How they've been weathering the crypto Winter and the most recent headlines How do you ushering mates from adoption A South mayor now leads a company of
About 120 people but about four years Ago his team consisted of only six Employees me here is the CEO of the Digital Asset Risk monitoring startup Solidus labs to work with the government We work with C5 crypto service providers As well as D5 protocols lending Protocols nft marketplaces stable coins And so on we help our clients in Broad Strokes to understand whether or not There's any trade manipulation whether There's any Market abuse how to prevent It and ultimately also how to navigate The very evolving world of the Regulatory landscape in our space but Really the goal of everything I've just Mentioned is to usher in mainstream Adoption both from the retail and the Institutional side of things the Israel-born entrepreneur came up with a Business idea with his two friends Hannah rod and Praveen Kumar mayor and Kumar worked on the electronic trading Desk at Goldman Sachs Kumar tells us he Made the jump to crypto because he Believed in the thesis of the company And in May year doubt is proportional to Discovery and the more you're uncertain About things the more you throw yourself Into doubt and into Uncharted Territory The more you're likely going to grow and Discover things Meir says the importance Of instilling proper Market Integrity Practices into crypto is more important
Now than ever before data released last Month from blockchain analytics from Chain analysis shows that hackers have Stolen more than three billion dollars Since the start of this year Mahir says The recent fall of FTX only further Highlights the need for trust in the Industry there's right now a stain on The industry that we cannot disregard We need solidus and many other Indian Industries to take a deep look into Understanding what are the core problems And how are we building trust in order To ultimately do what we all want to do Here which is ushering that kind of Mainstream adoption after serving in the Israel Defense Forces mayur got a Scholarship to Brandeis University where He studied computer science and Economics but his first exposure to Tech Was in Israel Mayer says his experience With the country's Army helped shape his Career I serve in a combat unit uh ultimately I Actually kind of suffered an injury at The end of my Army service but that Allowed me to get exposure to the Technological side of our unit into the R d kind of operations there Which really captivated my mind once in The U.S the year hit the ground running He worked at Goldman for three years While at Goldman blockchain started Really catching our attention about 2017
2018 when the Ico kind of Boom happened And then it's collapsed right thereafter Right and I was ultimately or I was Really intrigued by the opportunities This new economy might present I mean at The time did you realize there was risk Associated with this move jumping from Yeah of course at the time you know at The time I think there was a lot of Conversation around is crypto a thing is Crypto even going to make it which to me Works actually incentivized me even more To to be there at the ground floor as The company evolved solidus onboarded More team members from Trad five we're From Wilman Morgan Stanley and JP Morgan In May solidus Labs raised 45 million Dollars in a series B funding round in Total the company raised about 68 Million dollars Think especially in our space more than Other spaces there's a lot of noise Mayer says he welcomes more people from Tradify to help ensure the success of The crypto space I think that we need more folks with a Mindset into institutionally oriented Kind of risk practices to come in and Kind of help to shape up the industry so I think it's extremely important for the Industry to convert people from Treadvice into into crypto and D5 Gunsberg also made the jump to crypto in June 2021 she left Morgan Stanley where
She was the chief institutional Investment strategist for wealth Management she now serves as the Managing director of coindesk indices it Was right right as the pandemic drop was Happening you know all the assets were Crashing the Fed was flooding the market With money and investors were searching Where to invest in they were looking at Alternatives and Bitcoin just kept Coming up so that's how I learned about It gunsberg says the more she learned About crypto the more it intrigued her To the point of wanting to work in the Space full time so she reached out to Her contact at coindesk and I was the First index employee to be hired and It's been really exciting to build out This team and develop the world's first Crypto indices that are based on Different sectors and multi-strategies Gunsberg made several job jumps in her Career which included working in Equities and commodities but each time She made a switch the industry she Joined was embroiled in some sort of Turmoil my first step into Equity is Started not unlike at coindesk right Before a crisis was about to happen I Joined equities at treehouse Capital Management in April 2001 right before The September 11th and the massive drop In 2002 and we were an aggressive growth Equity strategy so it was quite dramatic
In terms of a Down Market I feel like The crisis has always been part of my Career and I think that it's taught me a Lot about staying calm and focused on The data when things are happening and She she says that experience in tradify Helped prepare her for the leverage Blow-ups and fraudulent activity she has Been exposed to in crypto most recently With the collapse of FTX you know it's Unfortunate it's an unfortunate Situation however after living through So many crises I know that there's Silver Linings and that there's Opportunities to improve so I do look Forward to a better industry coming out On the other side of this I do believe It is here to stay and I think it will Be stronger I think it will be safer and I think that it will continue with the Best and the brightest and we'll get Past this Foreign Crypto world this week but we are back Again on Monday and we will see you then [Music]
