ItBit hires SocGen veteran to expand into London market

New York-based bitcoin exchange itBit has hired a securities services and technology veteran to head up operations in Europe, the Middle East and Africa.

Jason Nabi was hired in conjunction with the opening of a new office in London. Prior to joining itBit , Nabi worked at Société Générale , a major European bank and a global leader in post-trade services.

Nabi began his career as a dealer at the London Stock Exchange and has held senior positions at IBM Global Services, Bloomberg and BNP Paribas in Securities Services.

He said in a statement:

“ The industry and distributed ledger technology are at a turning point and I believe itBit is the perfect fit to be a leader in this space by providing Bankchain ’s services . ”

In order to better understand and utilize blockchain technology, entrepreneurs and traditional London financial services players have begun to push the process. In November, banks, exchanges and clearing institutions including the London Stock Exchange, UBS and CME Group jointly established a working group to explore how blockchain can be used for settlement.

As an advisor to the Post-Transaction Distributed Ledger Working Group, Nabi will help bridge the gap between blockchain technology startups, itBit , and the traditional financial services industry.

According to the Financial Times, itBit plans to expand blockchain technology to other markets through its clearing and settlement network Bankchain , with the first target being the London gold market. The London Bullion Market Association has recently begun to show signs of making proposals for an electronic trading center.