TeraExchange Adds Former NYSE Head as Advisor

NEWS
Pete Rizzo
Mar 23, 2015 at 18:36 UTC  |  Updated  Mar 23, 2015 at 21:19 UTC

Former New York Stock Exchange (NYSE) CEO and Goldman Sachs partner Duncan Niederauer has joined regulated bitcoin futures exchange TeraExchange.

The former NYSE exec will serve as an advisory director, providing insight to the increasingly bitcoin-focused firm. Niederauer retired from his position in 2014, having held the post since 2007.

TeraExchange CEO Christian Martin explained that Niederauer will most importantly help the company develop its strategy and to capitalize on available market opportunities.

Martin told CoinDesk:

"Duncan has great pedigree when it comes to market structure and also a great history of traveling in circles that we're trying to introduce ourselves to."

While just one of a number of Wall Street execs that have recently joined the bitcoin community, he went on to suggest that TeraExchange provided a unique opportunity given its approval from the CFTC for its operations last year.

"Because we're already regulated, I think there's a comfort level that other pockets of the bitcoin infrastructure are not quite there yet," Martin said.

Martin further declined to comment on the recent suspension of talks that would have seen parent company Tera Group go public through a merger with MGT Capital Investments, stating only that today's announcement was not connected to the hiring.

"They're completely distinct events," he said.

Market data suggests MGT's stock rose sharply following the 27th February announcement from roughly $0.50 to a high of $0.80 before falling to a press time value of $0.38.

Image via Gleamlight / Ph.Molitor

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

TeraExchange