The Swiss-based cryptocurrency firm is boosting its top management with a new product development boss. The new executive has financial start-up as well as traditional banking experience.

Zug-based Bitcoin Suisse is hiring Michael Gauckler as head of product development as well as the 18th member of its top management, effective immediately, it said in a statement. Gauckler takes over part of the job of Fabian Hediger, the company co-founder who currently oversees innovation as well as product development.

Hediger will focus on innovation, and in particular strategy for decentralized finance, or DeFi. Gauckler, a Swiss engineer and economist, co-founded fintech Evolute in 2015, but exited last year.

The start-up had won ex-UBS boss Marcel Ospel as well as Partners Group co-founder Urs Wietlisbach as backers. Gauckler is a financial services veteran who has worked as a consultant for PwC as well as at Credit Suisse, besides co-founding two firms.