Three executives of JPMorgan, Eric Wragge, Samir Shah, and Puja Samuel, left the financial giant last week for jobs in the crypto industry.
JP Morgan, the most powerful bank in the world, the bank that influences governments around the world, lost three Executives to the crypto industry this week.
Why would they leave? Because crypto is the FUTURE.
— Aleksandra Huk (@HukAleksandra) July 12, 2022
Puja Samuel left the financial institution for Digital Currency Group, where she will head the Corporate Development division. Digital Currency Group is the parent company of Grayscale and Coindesk.
She announced the move on LinkedIn, and she revealed would be helping her new firm “build out new strategic partnerships.”
Samuel was the Head of Ideation and Digital Innovation at JPMorgan.
Samir Shah left JPMorgan after 12 years to become the chief operating officer at Pantera Capital. Pantera Capital is a crypto-focused investing firm.
Shah was JPMorgan’s head of asset management sales and digital solutions.
Eric Wragge, a former managing director at JPMorgan, joined Algorand Foundation. He will head the global initiatives and strategic partnerships and chair the investment committee at the Foundation.
The teams working in capital markets solutions, DeFi, capital markets access and integrations, investor relations, and the office of the chief economist would report directly to Wragge while he would report to the foundation CEO, Staci Warden.
Algorand Foundation is behind the Algorand network and ALGO token.
Top executives leaving for crypto jobs
While three executives leaving a traditional financial institution within a week is new, this is not the first time top executives quit traditional companies for Web3 projects.
Earlier this year, three executives left Google, with two joining web3 projects.
Ryan Wyatt, the head of gaming for YouTube, left to become CEO of Polygon Studios. Another YouTube executive, Jamie Byrne, the senior director of creator partnerships, also left for the NFT platform, Bright Moments.
All these movements are happening despite traditional firms’ efforts to establish a Web3 division.