Another ex-Goldman Sachs trader has left crypto market maker GSR
Goldman Sachs is in the DNA of GSR, one of the crypto industry's largest market makers. Both of its co-founders spent a decade working at the bank and, after getting GSR off the ground, they made a number of senior hires from banking. As crypto markets mature, however, those ex-bank employees are looking for opportunities elsewhere (or making their own).
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Simranjeet Singh, GSR's head of DeFi trading, has left the firm after just under four years to found Monaco Research, a blockchain infrastructure firm. Singh spent five years at Goldman Sachs before joining GSR, latterly as an oil derivatives trader. His time at GSR was varied, spending stints in business development, sales and portfolio management before his DeFi trading head role.
Monaco Research's goal is to facilitate high-frequency trading (HFT) in crypto markets; the company's website says the platform offers execution speeds of "microseconds, not milliseconds." Crypto markets are famously much slower moving than the likes of equities where HFT is rampant, but participation from both hedge funds and firms with greater HFT capabilities has been increasing recently, including from the likes of Jane Street.
Singh is not the only recent senior departure at GSR. Davide Benato, a former Goldman Sachs strat executive director, left GSR in April according to his LinkedIn and has not announced a follow-up role. He was a front-office engineering lead at the firm. Bhavin Kamdar, an ex-Morgan Stanley front-office engineering VP, has also yet to announce a new role after leaving GSR in July. Insiders, speaking anonymously, say there have been various departures at the mid and senior levels recently.
GSR did not respond to a request for comment.
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