A fascinating story that of Kanav Kariya, the new 25-year-old President of Jump Crypto, the new crypto unit of Jump Trading Group.
1/ Introducing Jump Crypto. @JumpCryptoHQ
Public blockchains have unlocked new and incredible modes of resource coordination by enabling trust in a byzantine setting. We recognize the opportunity that presents, and we're here to buildhttps://t.co/5rE21tDr3w
— Kanav Kariya (@KariyaKanav) September 14, 2021
“Introducing Jump Crypto. @JumpCryptoHQ
Public blockchains have unlocked new and incredible modes of resource coordination by enabling trust in a byzantine setting. We recognize the opportunity that presents, and we’re here to build”.
Kanav Kariya, Jump Crypto and DeFi
Kariya was reportedly studying computer engineering among the cornfields of central Illinois when he was also an intern at Jump Trading Group, helping it build its crypto business.
Today, to coincide with the launch of Jump Crypto’s new division, the 25-year-old has been promoted to President of the unit. Jump Crypto is the fruit of more than six years of the parent company’s commitment to digital assets.
During an interview, the new under-30 president described how the new division is focusing on the Decentralized Finance (DeFi) market.
This is what Kariya had to say:
“The DeFi ecosystem is so young, there are so many hard engineering problems. The work we’ve done at Jump in building complex, high-performance systems lends itself to us being very meaningful contributors to these open-source projects”.
Going into more specifics, Kariya describes the approach Jump Trading Group has had and continues to have with DeFi:
“The thing that wasn’t clear a year ago was whether we’d see the explosive growth we see now. […] We have had conviction for a while, but we didn’t know how it would play out,” he said. There’s been an acceleration, he added, in the “pace at which we see really smart people now come in and approach us and want to work in crypto”.
The fact that Kariya was first an intern, then hired in 2018 at finance giant Jump Trading Crypto, allowed him to see how over the years the same company had committed billions of dollars of capital to crypto, increasingly convinced of the huge potential.
So, Kariya’s Jump Crypto will be more about DeFi, decentralized applications and smart contracts. It will focus on Ethereum, Solana and other blockchains.
DeFi is increasingly seen as having growth potential
The DeFi sector continues to be increasingly seen as having potential for growth. And indeed, the total volume locked on DeFi protocols continues to reach record levels.
As of the end of August, the DeFi volume on blockchains such as Ethereum, Binance Smart Chain, Avalanche, Solana, Polygon, Terra and many others exceeded $150 billion.
Today, however, the same figure seems to be already almost $184 billion, with an increase of $34 billion locked in DeFi in just two weeks.
This mirrors what many companies like Kariya’s Jump Crypto are doing, and that is turning to and investing in DeFi.
In early August, SEBA Bank announced that it was expanding its offering in the DeFi market with the addition of support for Aave (AAVE) and Chainlink (LINK) tokens. In this way, these DeFi tokens would be managed directly by institutions.
Not only that, just today, Huobi Ventures joined the club of DeFi fans, announcing a $10 million fund to invest in GameFi, i.e. blockchain gaming that also leverages NFTs and “Play to Earn” mechanisms.