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Crypto hedge fund Kbit expands rapidly

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Crypto hedge fund Kbit is on an aggressive expansion trajectory, with plans to significantly increase its team size, according to a report by eFinancialCareers.

Despite describing itself as a “growing” team, Kbit’s recent hires from TradFi firms signal a major scale-up.

Currently, Kbit reports having around 12 employees and has posted 17 job openings. The firm is recruiting for quant, algorithmic trading, DevOps, and trade operations engineers across the US, London, Hong Kong and Singapore. These are all full-time, on-site roles, despite eFinancialCareers’s social media data suggesting the company does not yet have employees in Hong Kong or London.

The job listings reveal Kbit’s lean operational model, stating that the company operates with “basically no UIs, all development is back-end relating to our automated trading system.” Kbit describes itself as a “casual, scientific, and engineering-focused” culture with “zero red tape.”

Kbit’s Founder and CEO Ed Tolson previously served as director of trading technology at Citadel. He started Kbit as a “side project” during his garden leave in 2017, with the rapid rise in bitcoin’s price turning Kbit into a substantial business. By January, he announced that Kbit had surpassed $100m in AUM. CTO/COO Marc Zeitouni was head of product for global trading systems at HFT firm Tower Research Capital and CTO of crypto investment bank Galaxy Digital.

Last month, Thomas Johnson, a former senior quant developer at Citadel Securities, joined Kbit as a principal research engineer. In February, Kbit added Sean Slotterback, previously a PM and head of statistical arbitrage at Tower Research Capital.

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