Originally reported by-The Block
The former chief operating officer of BitMEX is joining the board of a group of investors in crypto options exchange Deribit.
Angelina Kwan, who left BitMEX last September, previously served as the head of compliance for HKEX, Hong Kong's main bourse.
Three Arrows Capital and QCP — which earlier this year took a 10% stake in Deribit — are closing a secondary offering of Deribit's equity. External investors will be invested in Deribit through a special purpose vehicle, of which Kwan will be a member, the firms confirmed to The Block. Specifically, Kwan will represent minority shareholders. Su Zhu of Three Arrows and Darius Sit of QCP are also on the board.
The SPV will hold more than 10% of Deribit's equity after the round closes. According to Zhu, Kwan will bring expertise in compliance and connections in Asia to help expand Deribit's business in the region.
Earlier on in her career, Kwan held roles at the Securities and Futures Commission, the agency tasked with regulating securities ad futures markets in Hong Kong.
Kwan is joining the SPV during a red-hot moment for the burgeoning crypto options market. On Friday, more than $1 billion worth of options contracts will expire on Deribit — the highest amount in the firm's history. Meanwhile, the aggregate open interest of bitcoin options markets stands above $1.7 billion, representing a significant increase from the beginning of 2020.
As the market has grown, Deribit has ceded some of its market share to other marketplaces, namely CME Group, according to research from The Block. At last check, Deribit's market share in the bitcoin options market stood at 68% in terms of notional open interest.
© 2020 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.