The former tech chief at secretive trading firm Jump has joined a bitcoin exchange as raid on Wall Street talent continues in crypto

Trading screens.

Steve Hunt, the former chief technology officer at secretive trading firm Jump Trading, has been hired by Kraken, the San Francisco-based cryptocurrency exchange, people familiar with the matter told Business Insider.
Hunt was hired as vice president of engineering, the people said.

Steve Hunt, the former chief technology officer at secretive trading firm Jump Trading, has been hired by cryptocurrency exchange Kraken, people familiar with the hire told Business Insider.

Hunt was hired by the exchange, which is based in San Francisco, as its vice president of engineering, the people said.

Business Insider first reported on Hunt's departure from Jump Trading, a high-speed trading firm that is active in bitcoin markets, in November.

Jump is known for its ultra high-speed trading strategies, but it's also been developing what it calls a "lower frequency trading strategy.” It's also known for its discretion, with little information on the firm available on its website.

Hunt, who worked at the firm for ten years, joined from Goldman Sachs where he was a vice president.

Kraken chief executive officer Jesse Powell told Business Insider in November that the firm was looking to fill a number of positions with Wall Street talent, including a vice president of engineering.

"Where a Wall Street vet may not have the most relevant experience (i.e., cryptocurrency gateways), they could certainly help us with trading system technologies," Powell said. "In addition to developers, which we are always actively hiring, we are looking to bring on a VP of engineering, regulatory affairs counsel, trader, compliance manager, product manager, recruiter, and treasurer, just to name a few."

Kraken isn't the only cryptocurrency exchange that is actively staffing up. As Business Insider previously reported, Coinbase and Circle, are both looking to double their headcount in 2018.

"We're effectively doubling the numbers in terms of headcount, from roughly 250 to 500," Dan Romero, VP and general manager at San Francisco-based Coinbase, said in a wide-ranging interview.

As Bloomberg News reported, Circle is also looking to add 100 people in staff as it builds out its operations in Asia.

Crypto exchanges want to please high-speed traders

All this hiring is needed as cryptocurrency exchanges have been building out their infrastructure to handle the breakneck growth of the market and meet the expectations of high-speed traders, most of which have only recently jumped on the bitcoin bandwagon.

Coinbase, for instance, is working on products and services aimed at professional traders, including advanced order types and products tied to market data.

Powell told Business Insider in November that Kraken is "working closely with our high-frequency traders to ensure we are bringing them the tools they need to be better traders."

In addition to Jump Trading, DRW, Susquehanna International Group, and Jane Street are among the trading firms active in bitcoin markets.

New services for traders and upgrades require talent that is in short supply, according to Miha Grcar, the head of business development at Bitstamp, a Luxembourg-based exchange founded in 2011. Grcar told Business Insider that a talent shortage, not a bitcoin bear market, was the big concern hanging over the head of cryptocurrency companies.

"Globally, the pool of talent — people with experience in blockchain and distributed-ledger technology — is somewhat limited," Grcar said. "This is a big challenge."

It's not just cryptocurrency exchanges going after such talent — companies like Bitstamp and Kraken have to go head-to-head with some of the largest financial firms in the world, including the likes of JPMorgan and Citigroup, which have posted job listings seeking people with experience in blockchain, the technology behind cryptocurrencies like bitcoin.

Hunt did not respond to a message requesting comment.

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