Mike Novogratz's Galaxy Digital Hires Former Cumberland Exec

Mike Novogratz's crypto investment bank Galaxy Digital hired a former exec at crypto trading giant Cumberland as head of global sales.

According to an internal notice to Galaxy Digital’s counterparties, Wall Street veteran David Gross joined the company, crypto media outlet The Block reports Aug. 6.

In his new position, Gross will be working on boosting sales in three units of Galaxy’s business, and will be reporting to president Chris Ferraro, per the report.

15 years at Credit Suisse and Lehman Brothers

Before joining Galaxy Digital, David Gross served as global head of relationship management at Cumberland, the Chicago-based cryptocurrency trading unit of DRW Holdings, according to his LinkedIn profile. While his most recent position at Cumberland lasted around a year, Gross apparently had extended experience in senior positions at global financial services firms Credit Suisse and Lehman Brothers, where he worked a total of 15 years.

By joining Galaxy Digital, Gross followed former Coinbase’s over-the-counter (OTC) exec Tim Plaka, who left the company for Galaxy in May 2019 to focus on OTC trading at the firm. Meanwhile, six executives reportedly left Galaxy in recent months, including the firm’s CTO Mike McMahon amid the company’s reports of a net loss of nearly $273 million in 2018.

Recently, Bitcoin.com appointed Stefan Rust as the company’s new chief executive officer as Roger Ver left the post to serve as executive chairman.