JPMorgan Chase Senior Executive Becomes CEO of Blockchain Precious Metals Firm

Blockchain-powered precious metals platform Tradewind has appointed an ex-JPMorgan Chase executive as its new CEO, the company confirmed in a press release on April 30.

Michael Albanese, who previously worked as the bank’s Global Head of Agency Collateral Management and Global Head of Securities Clearance, will take over Tradewind’s operations immediately.

Those currently include the management of the company’s flagship metals market, which employs blockchain to streamline custody, trade and security of precious metals.

“Michael is a leader with significant experience working with corporations, creating capital-efficient products, operating at scale, and delivering value to shareholders,” Blake Darcy, Executive Chairman of Tradewind, commented in the press release. He added:

“The Board and I are confident that he is the right person to take Tradewind to the next level in our global pursuit of a more efficient, transparent, secure and cost-effective precious metals ecosystem.”

As Cointelegraph reported, interest in teaming up blockchain and cryptocurrency technology with the precious metals industry continues to grow.

Last month, blockchain trust company Paxos announced it would release a gold-backed cryptocurrency before the end of the year.

Last year, meanwhile, another senior JPMorgan executive, former vice president of North American investment banking Pang Huadong, publicly stated he believed blockchain technology could play a pivotal role in averting a future economic crisis.

“Smart deployment of technology can benefit multiple participants in the ecosystem,” Albanese added.