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Barry Silbert's Digital Currency Group is looking to hire a team of financial advisors for a wealth management business, according to sources with knowledge of the firm's operations.
As The Block first reported last December, DCG has been planning to launch a new wealth management business for the past year, with an eye to formally open next year. A source with knowledge of the firm's plans told The Block that the new division will focus on wealthy crypto millionaires, catering to a wide range of wealth advisory needs.
DCG is now undertaking a hiring push for the new business, advertising the open positions on LinkedIn through a post seeking a private wealth advisor to “work within Digital Currency Group's newest subsidiary.”
“The subsidiary remains in stealth mode, but will be working with the world's leading crypto blockchain and DeFi entrepreneurs and investors,” it added. Sources estimate that the firm could onboard more than 10 wealth advisors to start.
The role will create “comprehensive wealth management plans” and “build relationships with our members.”
DCG's new business will aim to carve out a long-ignored niche within the wealth management world: those whose wealth is primarily based around crypto.
“It's for someone who made $2 million in crypto and prior to crypto you had like $150,000 and now you're wondering what to do with your money,” the person said. “They will work with you around your finances, look at diversifying.”
DCG is also looking to hire private client insurance advisors, product managers, and a number of other roles for the new unit.
Though the exact timing of the launch is unclear, DCG's announcement of a $700 million secondary funding round on Monday — which valued the company at $10 billion — hinted at the opening of the still-secretive business.
“Lastly, DCG is building a new subsidiary that will launch in 2022. More to come,” the company said.
© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.