Tejas Shah of Indian Origin has been named CEO of a Crypto-Focussed New York Digital Investment Group

Tejas Shah of Indian Origin has been named CEO of a Crypto-Focussed New York Digital Investment Grou ...

Tejas Shah, NYDIG''s former CEO of Institutional Finance, has been appointed as the head of the crypto-focussed alternate asset management platform. The move comes after Robert Gutmann, the previous CEO of the firm, who will continue to serve as a subsidiary of the New York Digital Investment Group. The company, founded in 2017, has described itself as a Bitcoin firm combining high-tech with institutional finance.

Shah has completed a nearly 20-year career as a partner at Goldman Sachs before joining the NYDIG.

"I''m honoured to lead this incredible organization on our important mission of Bitcoin for everyone." The New York Times CEO said in an official statement that "Our robust balance sheet, particularly in today''s market, is a powerful differentiator in serving our clients.

Nate Conrad, the former Global Head of Payments at NYDIG, has been promoted as the firm''s president. Yan Zhao previously served the position. Following Gutmann, he also stepped down.

The corporate re-shuffle takes place at a time, and the company claims that its Bitcoin equities have increased by almost 100 percent year on year.

"We were completely different from decentralised finance (DeFi) and centralised lending platforms, according to Ross Stevens, the company''s capital sheet, and we''re now investing aggressively into a capital-starved market."

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According to a SEC filing, the company has raised $720 million (roughly Rs. 5,860 crore) for its Institutional Bitcoin Fund.

The BTC fund for NYDIG has been funded by 59 investors, many of whom have unknown identities.

The platform had first launched its Bitcoin Fund in 2018, formerly known as the Institutional Digital Asset Fund. This capital pool had raised $190 million (about 1,546 crore) in June 2020.