Traders backed by Tezos Foundation hire TriliTech to lead DeFi initiatives

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Traders backed by Tezos Foundation hire TriliTech to lead DeFi initiatives

A former Bank of America trader, TriliTech, has been hired to lead the DeFi initiatives of TriliTech, a firm backed by the Tezos Foundation.

In total value locked, Tezos ranks 29th by total value locked, a metric that tracks how much crypto is locked up in a DeFi protocol's smart contracts, according to DeFiLlama data.

In September, Streschinsky joined TriliTech as head of DeFi. Streschinsky has served in similar roles at Maven Securities, which is a proprietary trading firm.

Streschinsky has worked as a trader in various Wall Street firms, including Bank of America, UBS, and Credit Suisse.

The new hire is part of TriliTech'sbroader effort to attract DeFi applications to Tezos, the firm said in a statement.

TriliTech's objective is to support outside projects on the chain through grants and investments, with funding from the Tezos Foundation Mike Mendes, another recent hire who joined the Defi partnership team in January, said DL News.

In the first half of 2023, just more than $18 million in grants were issued, and the Tezos Foundation has a treasury worth $520 million, including a mix of cash, Bitcoin, XTZ and other assets.

The firm's new hires mirror the trend in the crypto markets, where layoffs have become the norm. Since April 2022, an estimated 30,000 crypto workers have been laid off, including pacesetters like Crypto.com and Kraken.

Some traditional finance alumni have opted to leave crypto, such as Galaxy Digital's Goldman Sachs alum Danielle Johnson, who left her role in May after just a year in crypto.

The crypto exodus is able to block Streschinsky.

In his time in Brevan Howard's hedge fund, Alan Howard, he became obsessed with Ethereum and was eager to see how blockchain applications could revolutionize finance.

Decentralised finance can transform this, and it's not just for the regular investor - high-net-worth investors are also interested in it, Streschinsky said.

Streschinsky and Mendes share the desire to attract more decentralized exchanges to Tezos blockchain, which is seen as a passion for the company.

Streschinsky said he had also spoken to a derivatives exchange.

Streschinsky, who speaks to DL News, told DL News last week that he could not be reached for comment. More speculative ways to play the market attract more users, he said, adding that Coinbase's offering users less speculative plays may explain Binance's larger market share.

With that in mind, giving users the ability to trade derivatives is also crucial, particularly in terms of offering perpetual futures or perps, as they are more commonly known.

Perps are a type of futures contract with a minimum expiration date that allows traders to always place leveraged bets on price movements.

While perps pre-date crypto, they have become popular in the past decade due to crypto trader's affinity with them - especially due to the leverage opportunities available through perps.

The XBTUSD perpetual trade in Cryptocurrency was the most traded crypto derivatives product of all time, with more than $3 trillion in total volume on BitMex alone, according to the exchange.

Incentivising people to put leverage trades increases trading and volatility, which is better for everyone, Streschinsky said.

DL News' London-based Markets Correspondent, Adam Morgan McCarthy, is writing for DL News.