In brief

  • World Gold Council’s top manager has joined BlockFi.
  • Previously, Collet has served as VP at Deutsche Bank.

Bitcoin lending and borrowing service BlockFi has appointed Greg Collett as the firm’s new head of investment products, it announced yesterday.

"As we expand our product offerings and services for institutional investors, Greg will play an integral role in liaising with clients and potential external partners," said BlockFi’s CEO Zac Prince.

Prior to joining BlockFi, Collett held a similar position at the World Gold Council (WGC), one of the leading players in the gold industry. At WGC, he was responsible for launching new products and building the organization's asset management subsidiary.

Collett’s professional background included a six-year spell at Deutsche Bank, where he served as vice president, counsel and director and launched the first commodity futures-based exchange-traded fund on a US exchange.

BlockFi has raised over $158 million in funding to date and saw a 1,500% increase in assets under management—up to over $4 billion—in 2020. The New York-based company also owns 5% of the Grayscale Bitcoin Trust (GBTC) and pays increased attention to the institutional market, having launched an over-the-counter trading desk for ultra-high net worth investors last month.

Bitcoin
BTC
+9.55%$103,792.18

24H7D1M1YMAX
Created with Highcharts 10.3.3May 2May 4May 6May 8May 10May 12May 14May 16May 18May 20May 22May 24May 26May 28May 30$90000$95000$100000$105000$110000$115000

The firm expects that Collett’s appointment will help it secure its positions on the market and is confident that his experience in creating and managing new investment products will be “critical” for further growth.

According to a recent tweet by Prince, February was another record-breaking month of interest payments for BlockFi clients as more than $35 million was paid out. This follows the previous record of $20 million that was seen in January.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.