Galaxy Digital (GLXY), the cryptocurrency-focused financial services firm run by Michael Novogratz, named Andrew Lace as vice president of institutional sales in its trading division, a company representative told CoinDesk.

Lace joins the London team from Elwood Technologies, the digital assets trading firm owned by Brevan Howard co-founder Alan Howard, where he was a sales director. He previously worked for Refinitiv and Thomson Reuters.

The New York-based firm has been hiring aggressively, even as the crypto market slides in what’s being called a crypto winter. Bitcoin, the largest cryptocurrency by market cap, has lost about 60% of its value this year and the total crypto market cap is around $980 billion, down from about $1.9 trillion at the start of the year.

Galaxy Digital said it plans to finish the year with over 400 employees, compared with fewer than 300 at the start of 2022.

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