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Tradewind Appoints J.P. Morgan Executive As New CEO

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(Kitco News) - Fin-tech startup Tradewind announced that it has appointed a new CEO — J.P. Morgan executive Michael Albanese.

“Michael is a leader with significant experience working with corporations, creating capital-efficient products, operating at scale, and delivering value to shareholders,” Tradewind executive chairman Blake Darcy said in a press release on Tuesday.

The company behind digitizing precious metals with blockchain-based technology solutions is hoping that Albanese will take the firm to the next level.

“The board and I are confident that he is the right person to take Tradewind to the next level in our global pursuit of a more efficient, transparent, secure and cost-effective precious metals ecosystem,” Darcy stated.

Prior to this appointment, Albanese worked as J.P. Morgan’s global head of agency collateral management.

“Clear opportunities exist to improve how physical assets trade, settle, are custodied, and are mobilized as collateral—both in the precious metals space and beyond,” Albanese said in the press release. “I am excited to join a company that has already successfully executed on a major asset class.”

The Tradewind blockchain platform, called VaultChain directly connects consumers and investors with precious-metals producers, custodians, market makers and dealers. The physical gold traded on the platform is stored in vaults within the Royal Canadian Mint.

“Tradewind created a digital precious metals market that uses both blockchain technology and electronic exchange technology to streamline custody, trade execution, settlement and the maintenance of supply chain information,” according to the company.

The Tradewind platform has already been adopted by the Royal Canadian Mint and Asahi Refining.

Some of the investors behind the platform include Goldcorp, Agnico Eagle Mines, Iamagold and Wheaton Precious Metals.

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