Yasuo Matsuda, a former foreign-exchange dealer at Deutsche Bank has joined FXcoin Ltd., a startup Japanese crypto exchange as a strategist.
Later this September, Matsuda will be part of the FXcoin team and is expected to help lay the right strategies in place that will see the firm improve its trading business. His day-to-day procedure will involve providing dependable crypto market analysis, as well as submitting daily reports on activity within the cryptocurrency space.
A wealth of experience
Before heading into the FXcoin post, the 49-year old Matsuda had worked as a foreign exchange dealer at Deutsche Bank for the last 6 years, starting in 2012. He is expected to provide a wealth of trading experience necessary to help propel the firm to greater heights, especially considering that Japan’s Financial Services Agency is looking to work with new firms after their recent revision of cryptocurrency exchanges.
Interestingly, FXcoin’s CEO and founder, Tomoo Onishi is also a former employee at Deutsche Bank, with well over 12 years of experience working in the FX section of the bank before leaving in December 2017. FXcoin’s affinity to former institutional employees is, however, not limited to Deutsche Bank, as their staff team includes FX experts from Nomura, HSBC, and Mitsubishi UFJ Financial.
Optimism for the future
In his statement to Bloomberg, Onishi was optimistic that they will get FSA’s approval and that they were doing all that is within their power to stand out and thus are planning to increase its staff even more.
Deutsche Bank is no doubt one of the most influential financial institutions in the world, having served clientele since 1870. This influence was seen early last year when the crypto community went to panic mode following the bank’s Chief Information Officer Markus Muller’s remarked that it will take 5 to 10 years before crypto-friendly governance comes to be.
Matsuda’s move comes as a surprise to many considering that late last year, Deutsche Bank Chief International Economist Torsten Slok expressed skepticism that Bitcoin and the cryptocurrency market are bound to crash in the near future.