Simon Grunfeld has joined the asset trading network, 55 Global Markets.
Speaking to Finance Magnates, the founder of cryptocurrency solutions provider Ibinex said he had sold his former firm to a family office based in Israel.
“In 2017, the bull market meant I had a huge number of offers [to acquire Ibinex] coming in,” said Grunfeld.
Ultimately I was connected with a group of individuals in Israel, who had already been successful in the financial services industry, and I sold Ibinex to them in January of 2018.
After selling the firm, Grunfeld stayed with Ibinex for another year in a directorship role.
The crypto executive noted that he chose to sell the firm to the Israeli family office because of their successful prior work in the capital markets.
Having left Ibinex, Grunfeld is now SVP of Business Operations at 55 Global Markets.
A US-based start-up, the firm has already been active in Asia for over a year and plans to start working with American clients in the near future.
Regulated by US authorities, the company’s main offering is an asset trading network and tokenization technology.
We’re going to be catering to US retail and institutional clients,” said Grunfeld. “There are a limited number of competitive offerings here, and we can definitely compete with them.
On top of its exchange offering, Grunfeld told Finance Magnates that 55 Global Markets is developing a number of other blockchain-based products.
Some of those are, according to Grunfeld, still in ‘stealth mode’ but will be launched soon.
The majority of them are related to e-commerce and tokenization of assets.
“We can tokenize any asset across the board,” said Grunfeld. “Whether it’s illiquid assets like real estate or ‘regular’ financial instruments, like stocks or bonds.”