Goldman Sachs is in the DNA of GSR, one of the largest market makers in the crypto industry. Its two co-founders spent a decade working at the bank and, after launching GSR, recruited a number of senior executives into the banking industry. However, as crypto markets mature, these former bank employees are looking for opportunities elsewhere (or creating their own).
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Simranjeet Singh, head of DeFi trading at GSR, left the company after just under four years to found Monaco Research, a blockchain infrastructure company. Singh spent five years at Goldman Sachs before joining GSR, latterly as an oil derivatives trader. His experience at GSR has been varied, spanning business development, sales, and portfolio management before serving as DeFi Business Manager.
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 known to move much more slowly than equity markets, where HFT is prevalent, but participation by hedge funds and firms with greater HFT capabilities has increased recently, including from Jane Street.
Singh is not the only recent high-profile departure at GSR. Davide Benato, former executive director of Goldman Sachs, left GSR in April according to his LinkedIn and has not announced a follow-up role. He was responsible for front office engineering at the company. Bhavin Kamdar, former Morgan Stanley vice president of front office engineering, has also yet to announce a new role after leaving GSR in July. Internal sources, speaking anonymously, say there have been several departures at mid- and senior levels recently.
GSR did not respond to a request for comment.
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