Goldman Sachs Tech Development Head Joins Chain

Blockchain startup Chain Inc. hired Goldman Sachs Group Inc.’s Tom Jessop as president, bringing aboard an executive who helped make the bank an early Wall Street investor in the bitcoin-related technology.

Jessop, 50, who worked at Goldman Sachs for 17 years, was global head of technology business development and before that a senior leader in the principal strategic investments group, deciding what exchanges, electronic trading systems and financial-technology firms the bank would invest in.

Chain, which last year pitched Federal Reserve Chair Janet Yellen on the benefits of blockchain, is one of several startups trying to entice industries from finance to health care and utilities with the promise that the digital-ledger software can radically improve how payments are tracked, securities and derivatives trades are processed, and health records are stored.

Goldman Sachs invested in Circle Internet Financial Ltd. in 2015, with Jessop involved in the deal.

Jessop will split his time between Chain’s headquarters in San Francisco and its new office in New York, which Jessop will run, according to Ludwin.

Ludwin first met Jessop when Chain was trying to win an investment from Goldman Sachs.

Though the bank didn’t give Chain money, Ludwin was impressed by Jessop, who was the first person he’d met in a bank who truly understood blockchain, he said.

Source: Bloomberg