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Coinbase has tapped an investment banking and hedge fund veteran to run a new business unit tasked with building relationships with institutional cryptocurrency allocators.

Paul Magahis joined Coinbase earlier this month from investment bank StoneX, where he served as co-head of capital introduction, according to two people with knowledge of the matter.

At Coinbase, Magahis holds the title of senior manager for capital strategy. The plan is for the prime brokerage veteran to lean on his network of family offices, pensions, endowments, foundations and sovereign wealth funds to build relationships on behalf of Coinbase.

The idea is to sell Coinbase’s institutional platform to allocators for their use. He has been tasked with hiring a team to support the endeavor.

“We are frequently hiring new talent to bolster our Institutional offering,” a Coinbase spokesperson said in a statement.

Before joining Coinbase, Magahis worked for StoneX for nearly three years. Prior to that, he spent time at Stifel Financial and Lazard — both in alternative investment roles. He has also spent time working for a number of hedge funds. 

Coinbase has tapped an investment banking and hedge fund veteran to run a new business unit tasked with building relationships with institutional cryptocurrency allocators.

Paul Magahis joined Coinbase earlier this month from investment bank StoneX, where he served as co-head of capital introduction, according to two people with knowledge of the matter.

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