Share this article
Former HSBC, Citigroup, Merrill Lynch Asia Execs Start $50M Crypto Fund
Liquibit Capital is also said to be managed by a former Barclays Capital vice president and two current JPMorgan and Wells Fargo technicians.
By Ada Hui
Updated May 9, 2023, 3:11 a.m. Published Sep 21, 2020, 2:47 p.m.
Banking veterans who have steered divisions at HSBC, Citigroup and Merrill Lynch in the Asia-Pacific region are ditching traditional finance to invest in cryptocurrencies.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- People familiar with the matter told CoinDesk that Joseph Chang, head of equities trading and prime finance at Merrill Lynch, HSBC and Citigroup Asia-Pacific from 1997 to 2016, and Grahame Webb, head of technology from 2013 to 2018 for HSBC and Citigroup Asia-Pacific prime finance and securities services, have been trading cryptocurrencies since June through a new Hong Kong-based fund, Liquibit Capital.
- Liquibit Capital, also managed by a former Barclays Capital vice president and two current JPMorgan and Wells Fargo technicians, will manage assets worth $50 million, the people said.
- Liquibit is said to arbitrage a portfolio of bitcoin, bitcoin cash, ether, litecoin and eos, custodied with Fireblocks.
- It is expected to expand to trading derivatives, options and futures on BitMEX, Huobi, OKEx and Deribit – cryptocurrency exchanges with a largely Asia-based presence.
- Chang, now Liquibit Capital's chief investment officer, said regulatory bloat and a surplus of middlemen while trading at investment banks convinced him and his partners to switch to cryptocurrency markets.
- Webb, chief technology and operating officer at Liquibit Capital, has also previously structured custody and clearing architecture for securities flowing between wealth managers.
Also read: Diginex Moves Closer to Backdoor Nasdaq Listing With Merger Approval
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Coinbase’s Base faces builder backlash over creator coin push
Builders on Base are pushing back against the network’s close alignment with Zora, arguing the creator-coin narrative sidelines established projects.
What to know:
- Base has seen a surge in creator-coin issuance via Zora, with daily token mints surpassing Solana in August, boosting onchain activity and attention.
- Some Base-native projects say marketing and social support has become narrowly focused on Zora-linked initiatives, leaving other established communities without recognition.
- While Base continues to process more than 10 million transactions per day, critics warn that deteriorating builder sentiment could push projects toward rival chains like Solana or Sui.
Top Stories
