Jefferies Ex-Head of FX Kamrath Starts Cryptocurrency Company

(Bloomberg) -- Ray Kamrath, former global head of foreign exchange at Jefferies Group LLC, started a cryptocurrency firm in New York this month after leaving the bank in March.

Kamrath co-founded Rubicon Markets Inc. alongside Chief Executive Officer Andrew Lawrence and Chief Technology Officer Charlie Walden, and serves as its chief marketing officer, he said in a statement. The group, which has a dozen staff so far, plans to create a cryptocurrency derivatives exchange and issue a crypto token.

Cryptocurrencies are “the future of the capital markets and the economy at large,” said Kamrath, who was previously CEO of Faros Trading LLC and managing director at Goldman Sachs Group Inc. “It was too good an offer to refuse,” Kamrath said, referring to his decision to move into digital currencies from banking.

Brad Bechtel has taken over as head of global FX at Jefferies, according to a person familiar with the matter who requested anonymity to discuss personnel matters.

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