Ex-UBS lawyer joins crypto market maker Acheron Trading amid 369% volume surge

Ex-UBS lawyer joins crypto market maker Acheron Trading amid 369% volume surge

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After working with legal departments of the world’s largest investment banks, Daniel Lo has just joined the Acheron Trading team. Financial Magnates
exclusively learned, the expert with more than 12 years of experience in financial law has become the new Chief Legal Officer (CLO) of the crypto market maker, which has significantly increased its trading volume in 2024.

Lo joined Acheron from Cake Group, a Web3-related company, where he worked as CLO for over two years. However, he previously built his experience in the world of “old finance”. He worked for two years as a legal advisor for UBS in Singapore and as a Derivatives Negotiator at the Canadian office of RBC Capital Markets.

“Acheron Trading has long stood out to me for its commitment to transparency and accountability in the rapidly evolving crypto market,” Lo told Reuters exclusively. Financial Magnates“I look forward to working with this talented team to continue building on this important period of growth and innovation.”

Acheron has been in the crypto market-making space for six years and works with 400 different issuers. The first half of the year brought a multiple of the realized volumes, hence the need to hire a new expert in the field of regulation, law and compliance.

Acheron trading volumes are increasing

The new appointment comes as the company expands its team to support a 369.6% increase in year-on-year trading volumes for the first half of 2024. The company has also hired new staff across its quantitative trading quantitative development and sales departments, recruiting from companies such as SpaceX and Interactive Brokers.

Acheron’s expansion comes amid a broader rally in the crypto market. The company reported that assets brought to market in the first half of 2024 outpaced the full year of 2023 by 233%. This growth has been fueled by factors such as Bitcoin’s market cap surpassing $1 trillion in February and speculation about a potential Ethereum ETF.

Wesley Pryor, Founder of Acheron Trading

Wesley Pryor, founder of Acheron Trading, noted that the company had to adapt its traditionally streamlined operating strategy “to grow with the industry and keep pace with increasing trading levels and stricter regulatory measures.”

“Daniel’s appointment and the many others we have just made underscore Acheron Trading’s unwavering commitment to meeting the evolving needs of our client base. Both the individual and collective professional experiences of our new hires are invaluable to our strategy as we focus on this new wave of activity,” Pryor added.

Crypto sector highly concentrated

The firm also highlighted changes in market dynamics, including an extension of the initial price discovery phase for new assets from an average of 1.2 days to 6 days. However, the firm noted that the sector remains highly concentrated, with the eight largest exchanges accounting for more than 90% of the global market depth.

Laurent Benayoun, CEO of Acheron Trading

“As a trusted principal and designated market maker, we need to scale to meet the demands of our clients that drive the industry forward,” added Laurent Benayoun, CEO of Acheron Trading, emphasizing the need to scale operations to meet client demands. “By strengthening our QT, QD and sales teams, we will continue to provide a transparent and symbiotic MM offering.”

Acheron’s recent growth is also part of a broader initiative that has seen the company take several significant steps in recent years. The company has diversified its offering by introducing a major market-making service and developing Command Station, an internal trading infrastructure platform. In addition, Acheron has formed new partnerships, including a collaboration with tech incubator forgd.com. The company has also strengthened its technological capabilities by acquisition from HedgeTech, a Boston-based company specializing in algorithmic market-making solutions, in 2022.

Also check out other leadership changes recently profiled by Finance Magnates.

After working with legal departments of the world’s largest investment banks, Daniel Lo has just joined the Acheron Trading team. Financial Magnates
exclusively learned, the expert with more than 12 years of experience in financial law has become the new Chief Legal Officer (CLO) of the crypto market maker, which has significantly increased its trading volume in 2024.

Lo joined Acheron from Cake Group, a Web3-related company, where he worked as CLO for over two years. However, he previously built his experience in the world of “old finance”. He worked for two years as a legal advisor for UBS in Singapore and as a Derivatives Negotiator at the Canadian office of RBC Capital Markets.

“Acheron Trading has long stood out to me for its commitment to transparency and accountability in the rapidly evolving crypto market,” Lo told Reuters exclusively. Financial Magnates“I look forward to working with this talented team to continue building on this important period of growth and innovation.”

Acheron has been in the crypto market-making space for six years and works with 400 different issuers. The first half of the year brought a multiple of the realized volumes, hence the need to hire a new expert in the field of regulation, law and compliance.

Acheron trading volumes are increasing

The new appointment comes as the company expands its team to support a 369.6% increase in year-on-year trading volumes for the first half of 2024. The company has also hired new staff across its quantitative trading quantitative development and sales departments, recruiting from companies such as SpaceX and Interactive Brokers.

Acheron’s expansion comes amid a broader rally in the crypto market. The company reported that assets brought to market in the first half of 2024 outpaced the full year of 2023 by 233%. This growth has been fueled by factors such as Bitcoin’s market cap surpassing $1 trillion in February and speculation about a potential Ethereum ETF.

Wesley Pryor, Founder of Acheron Trading

Wesley Pryor, founder of Acheron Trading, noted that the company had to adapt its traditionally streamlined operating strategy “to grow with the industry and keep pace with increasing trading levels and stricter regulatory measures.”

“Daniel’s appointment and the many others we have just made underscore Acheron Trading’s unwavering commitment to meeting the evolving needs of our client base. Both the individual and collective professional experiences of our new hires are invaluable to our strategy as we focus on this new wave of activity,” Pryor added.

Crypto sector highly concentrated

The firm also highlighted changes in market dynamics, including an extension of the initial price discovery phase for new assets from an average of 1.2 days to 6 days. However, the firm noted that the sector remains highly concentrated, with the eight largest exchanges accounting for more than 90% of the global market depth.

Laurent Benayoun, CEO of Acheron Trading

“As a trusted principal and designated market maker, we need to scale to meet the demands of our clients that drive the industry forward,” added Laurent Benayoun, CEO of Acheron Trading, emphasizing the need to scale operations to meet client demands. “By strengthening our QT, QD and sales teams, we will continue to provide a transparent and symbiotic MM offering.”

Acheron’s recent growth is also part of a broader initiative that has seen the company take several significant steps in recent years. The company has diversified its offering by introducing a major market-making service and developing Command Station, an internal trading infrastructure platform. In addition, Acheron has formed new partnerships, including a collaboration with tech incubator forgd.com. The company has also strengthened its technological capabilities by acquisition from HedgeTech, a Boston-based company specializing in algorithmic market-making solutions, in 2022.

Also check out other leadership changes recently profiled by Finance Magnates.