The head of UBS’ blockchain laboratory in London has decided to leave the bank after 15 years. He joined a fintech startup instead.
Peter Stephens (pictured left) was the blockchain guru at UBS, working on crypto projects at the well-known Level 39 fintech incubator in the U.K. capital. After 15 years with Switzerland’s biggest bank, he has now joined a startup, according to the «Financial News». He was appointed chief information officer and head of the Emea region at Drum G Technologies.
Stephens is but the latest tech expert to leave a major bank for a fledgling startup. Others include Oliver Bussmann, once the CIO of UBS, and Alex Batlin, Stephens’ predecessor at the blockchain laboratory of UBS.
Joining the Startups
One of the reasons may be UBS’ decision to spend a little less lavishly on tech projects. Smartwealth, the robo adviser launched in the U.K., was stopped after only two years in operation.
In his new role, Stephens will remain in close touch with the banking business. Drum G aims to make trading simpler for banks and hedge funds with the help of the technology that drives the blockchain.
Prominent Customer: Credit Suisse
One of the first customers of Drum G, which is based in Bermuda, was Credit Suisse. Stephens will also remain in touch with his former employer as the bank is one of the sponsors of R3, a blockchain group that has a partnership agreement with Drum G.
