Alchemy Coin Lands JP Morgan Alum to Spearhead Risk
New York, New York
August 23, 2018
Alchemy Coin sent a positive message to the blockchain community by adding yet another former Wall St. banker to its staff. Aidan Stevens will assume the title of Director of Risk Management, and Mr. Stevens will report directly to Alchemy Coin Chief Risk Officer Chris Lowe.
“I’m delighted to announce the hire of Aidan Stevens to the Alchemy Coin team,” said Mr. Jung in a written statement. “In Jim Collins management classic ‘Good to Great’ he talks endlessly about getting the right people “on the bus” and the wrong people “off the bus”. We’re sure glad to have Aidan riding alongside us on this journey as we get ready for takeoff.”
“I spent more than a decade at JP Morgan and not a day went by when I didn’t look at global risks — geopolitical, credit, emerging markets, regulation, you name it. Risk is what I am trained to do. And Risk is my portfolio now at Alchemy Coin. I cannot wait to get started. This is a dream come true,” said Mr. Stevens.
Mr. Stevens studied Mathematics at Cambridge University in England. After graduation, Aidan worked in Investment Banking for 15 years for both JPMorgan and Credit Suisse. During this time, he had stints in both London and New York while undertaking a variety of roles spanning across Fixed Income, Currencies, Credit Markets and Global Emerging Markets.
Since leaving Wall Street, Aidan has undertaken a number of Executive and Non-Executive roles in small and medium enterprises across a variety of different sectors. To this day Aidan keeps a keen eye on the Financial Markets and the impact this has to the Wealth Management Industry.
Aidan is well placed as both an investor and as a former Wall Street banker to advise on the nascent peer-to-peer product which is destined to explode in popularity in the USA and around the globe over the next 10 years.
The unprecedented penetration of internet across the globe that is allowing borrowers to seek funds is propelling the global peer-to-peer lending market. Technological advancements that are permitting users to have a smooth access to interfaces that offer quick updates is also augmenting this market. The research report published by Transparency Market Research states that the opportunity in the global P2P lending market was worth US$26.16 billion in 2015. Analysts predict that the market valuation will reach US$897.85 billion by 2024, as it expands at a significant compound annual growth rate of 48.2% from 2016 to 2024.
The growth of the global P2P market is mainly being driven by growing advancements in technology that is encouraging potential consumers and existing players to make quick decisions. The low cost of operations is also supporting the growth of this market in comparison to the growth rate of conventional money lending institutions. Additionally, increasing student population is also propelling the global P2P lending market as a majority of the students seek loans at cheaper interest rates than what is offered by traditional money lenders. However, the risk of investors losing their money due to defaults on repayment could have a severe impact on the growth of this market.
Mr. Stevens is at least the fourth former Wall St. banker to join Alchemy Coin this year as the company rolls out its ambitious plan to offer peer-to-peer lending to many parts of the developing world. The talent acquisitions are seen as vital to navigate the complex world of banking, lending, regulation, risk and compliance that Alchemy Coin is stepping into.
Peer-to-peer lender SALT has struggled to remain viable in the face of a brutal bear market and following senior defections from their senior management team. Earlier in the year, SALT coins hit a high of almost $17, giving the startup a market cap of more than $1 billion. Today, SALT coins languish for .41 cents as the market cap has fallen below $30 million. The firm announced a new chief executive had taken over in recent weeks as the coin continued to tumble.
“We appreciate how challenging this year has been for every single company in the blockchain ecosystem,” said Mr. Jung. “We know we have to execute flawlessly in order to remain viable and competitive. Our main focus now is to seamlessly complete our ICO, finish building our technology infrastructure, and then take our product to market. It’s been a whirlwind to get where we are today, but we know this is only the beginning. We have a long way to go to prove ourselves to investors, lenders and borrowers on every continent. It’s early days still for Alchemy Coin; Aidan’s hire is a big step for us in our journey to revolutionize lending on a global scale.”
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Alchemy is a blockchain-based peer-to-peer (P2P) lending marketplace. The platform allows for instant and direct lending between supply-side lenders and demand-side borrowers from all over the world in a trusted manner using the advantages of smart contracts and blockchain technology. We offer a unique architecture to analyze and structure a credit risk-adjusted rate with the utilization of Artificial Intelligence and Machine Learning technologies. We aim to revolutionize the peer-to-peer lending market and serve as the leading infrastructure for credit providers and credit seekers. Alchemy will be the first peer-to-peer (P2P) lending platform that utilizes blockchain technology to reduce high credit risk and high default rate, while at the same time offering a risk-adjusted downside protection for capital commitment lenders. As Alchemy P2P credit products grow and the network expands, we aim to become the leading source of personal loan providers for individuals around the world.
For more information on Alchemy or to participate in the ICO check out: https://www.alchemycoin.io/
