![]() On Monday, partyers packed into VR World in Midtown for a party DJed by an NFT collector named Seedphrase, who appeared on stage in a light-up CryptoPunk helmet. On Sunday, the Bored Ape Yacht Club - an elite NFT clique whose members own a series of extremely expensive monkey cartoons - threw a rager on an actual yacht on the Hudson River. “Our best hope is that we create a lot of volume on this exchange, and start trading new and innovative products.It was a coming-out party of sorts for the NFT community, which was born online and has only recently started to experiment with offline fun. “We feel very confident that this is here to stay - not just for us but for everyone,” McGuire said. McGuire says there will be many more, but promises Symbridge is positioned to succeed. One of DARLA’s co-founders worked in enforcement for the SEC and Commodities Futures Trading Association, and now runs a startup in New York City called Crosstower that has created a digital exchange. Digital assets are new enough that a trade group called the Digital Asset Regulatory & Legal Alliance uses “navigating the unknown” as its slogan. Symbridge is waiting on the regulatory approvals needed for its own launch. On the side, McGuire is a lecturer at Columbia University’s business school, also working with a blockchain business “launchpad” run by Columbia and IBM. ![]() His work took him into a focus on commodities and finance in Russia, creating Triple Trunk Capital in 2006 in Greenwich to structure deals. McGuire started his career with Manufacturers Hanover Trust, part of JPMorgan Chase today, after growing up in Wallingford and attending Babson College. Founder Thomas Peterffy is listed by Forbes as Florida’s richest resident with an estimated net worth of $25 billion. Greenwich is home to one major trading platform - Interactive Brokers, which entered this year with more than 2,000 employees. As of Friday morning, Symbridge listed 15 job openings. ![]() The company has 30 employees working on a hybrid-remote schedule during the COVID-19 pandemic. McGuire chose Greenwich for Symbridge’s main office - it is across from the downtown Metro-North train station - primarily due to proximity to New York City. “There’s no doubt that we need to accelerate the process by which we review assets and we add them to the site, because we’re quickly going to be in a world here where there’s so many that we’re not going to be able to keep up.” ‘Navigating the unknown’ “There’s more and more assets being created in the ‘crypto’ economy - I think it’s going to be something like apps in the App Store or on the iPhone, where there’s eventually millions of these assets created over time,” Armstrong said in May. “We’re taking the opposite view: sort of ‘old-school broker meets 21st-century private banker’ where you can call us 24-7 and we can walk you through any questions.”Ĭoinbase is not oblivious to the larger market opportunities, CEO Brian Armstrong made clear during a conference call with investors. “They are going after predominantly the retail market - so the average size of the wallet is $300,” McGuire said. Hundreds of exchanges exist for trading digital currencies and assets, with Coinbase perhaps the most familiar after its initial public offering of stock that valued the company at $86 billion - at that point $60 billion more than the Nasdaq exchange’s own market value as a company. OK, let’s set up this digital exchange in the United States.’” “We took the opposite approach, ‘Where’s the most regulated place in the world? The United States. “The regulatory posture of these places - it’s not nonexistent, it’s just a lower bar,” he said. regulators, instead of an offshore jurisdiction as others have chosen. McGuire said he was determined to differentiate Symbridge by placing it under the oversight of U.S. And it gives our clients a sense of confidence.” Regulating millions of assets “For regulators that’s a great thing - they can identify market trading patterns that look like manipulation it allows us to identify that. “You’ll be able to see every single trade that happens, written on the blockchain in real time,” McGuire said. Blockchain is the key underpinning for digital currencies such as bitcoin, allowing independent auditors to confirm the authenticity of transactions - and prevent the digital equivalent of counterfeiting that can torpedo trust in any monetary system.
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