Former Goldman Sachs banker Chris Matta quit his job at the multinational financial services company two days after being promoted to VP all for the sake of crypto.
A CALCULATED RISK
People normally don’t bail out on their career after climbing the top of the Wall Street ladder, especially after making Vice President at the biggest securities firm in the world—but that’s exactly what Chris Matta did.
Matta and two other former colleagues decided to create their own crypto-focused investment table after watching bitcoin and other cryptocurrencies grow in value in 2017.
“It’s safe to say, you leave a good amount of money on the table walking away from Goldman. But I saw it as a calculated risk.”
This ‘calculated risk’ actually saw Matta wave goodbye to his annual bonus. The former banker explains:
“They called in the CEO of my organization, and he said, basically, ‘Are you crazy? Do you realize the risk you are taking here? You are giving up on your bonus!’”
Although it does seem a bit crazy, Matta’s departure from Wall Street is an example of how the industry’s brightest and sharpest minds are leaving traditional financial institutions for newer, wilder and untamed territories—in this case, cryptocurrencies.
Matta and his co-founders, Ali Hassand and Michael Kazley, spent their vacation setting up their company, Crescent Crypto Asset Management instead of getting some much needed rest.
“In the crypto world, every month is like a year in the equities space. The amount of things that would change in that time, the number of funds that would come to market, it would just be a much more difficult landscape for us if we were trying to get things up and running in February.”
Despite going through some rough patches in the first half of 2018, Matta and his group remain hopeful that their new venture is going to work out in their favor. “It’s either going to zero, or it’s going magnitudes higher,” he said. “I don’t regret it at all. It’s been the most exciting few months of my life, honestly,” he added.