Barry Silbert Steps Down from SecondMarket CEO Post, Plans to Focus on Bitcoin

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Barry Silbert Steps Down from SecondMarket CEO Post, Plans to Focus on Bitcoin
Barry Silbert Steps Down from SecondMarket CEO Post, Plans to Focus on Bitcoin

Barry Silbert Steps Down from SecondMarket CEO Post, Plans to Focus on Bitcoin

Declaring his passion for the digital currency Barry Silbert, the founder of SecondMarket said that this is no secret and he feels it is the right time to make this transition. This passion for Bitcoin prompted him to resign from the job of CEO of SecondMarket and focus entirely on the digital currency.

He says that now the intention is to formally separate the two business lines at the appropriate point in time. Though he has stepped down from the post of CEO of SecondMarket, he will remain Chairman and CEO of SecondMarket Holdings, Inc. wherein he will spin off the firm’s digital currency activities.

Silbert’s focus on Bitcoin could be assessed from the fact that his company the Bitcoin Opportunity Corp., an investment firm led by SecondMarket and Bitcoin Investment Trust, invested $250,000 in Mexican Bitcoin exchange Volabit. The decision to invest in Volabit according to Silbert was made as he saw a lot of potential in the exchange.

He showed confidence that the exchange can attract a significantly underbanked market in Mexico and admitted that through the use of Bitcoin, Volabit has the potential to radically transform the US-Mexico remittance corridor, one of the largest money transfer corridors in the world.

His Astute Understanding of Market Has Never Been Challenged

Apart from investing in promising Bitcoin businesses, Silbert is also trying to launch the first U.S. Bitcoin exchange network which according to him has a lot of scope. His understanding of the market has never been challenged and wherever he has invested it brought him higher dividends including in SecondMarket that used to buy and sell shares of top companies.

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His company, SecondMarket gained tremendous experience breaking open new markets such as private company stock, auction rate securities, bankruptcy claims, and community bank stock; and most recently Bitcoin. He says that the competencies and lessons learned opening these markets has been invaluable for him.

The successful transition from a telephone-based broker of illiquid assets into a highly scalable, product-focused organization has been the major achievement for his company, SecondMarket. He says that his company has redefined how private companies and funds raise capital and facilitate liquidity for their stakeholders.

He says that he chose to move on from day-to-day management of the private company/fund business so that he can focus 100% of energy on digital currency business which according to him needs exclusive attention and time.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com