Coinbase Hires Former Goldman Sachs Executive To Promote Derivatives Trading

Coinbase has appointed Usman Naeem as its new head of global derivative sales and agency trading in London.

Naeem worked at Goldman Sachs for eight years, most recently as an executive director in the equities derivatives office in London. He also worked at Bank of America Merrill Lynch’s equity derivatives business.

Naeem’s employment highlights Coinbase‘s drive into institutional markets, as he will collaborate with Brett Tejpaul, the head of institutional, and Greg Tusar, the vice president of institutional products.

Naeem wrote in a LinkedIn post:

“After 8 brilliant years, I have left Goldman Sachs for pastures new and am delighted to share that I’ve joined Coinbase to run Global Derivative Sales and Agency Trading.

I want to thank all my colleagues at Goldman Sachs; it has been a privilege to work alongside such talented and driven individuals from whom I have learnt so much.”

Coinbase entered the crypto futures market earlier this year after purchasing FairX, a Commodity Futures Trading Commission-regulated derivatives firm.

Coinbase’s Bitcoin and Ethereum nano futures achieved a new high in September, with over 288,000 contracts exchanged that day. In August, the exchange debuted Ethereum nano futures.

Hiring Naeem is expected to bolster Coinbase’s drive into derivatives markets, where it will fight with rivals such as FTX and CME Group, who trade billions of dollars in cryptocurrency futures.

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