Jump Trading scales up US crypto operations, accelerates hiring after years of pullback
The Chicago-based trading house focuses on rebuilding its presence amid increasing US trading volumes and expanding regulatory insights.
Key Takeaways
- Jump Trading is expanding its US crypto operations and increasing headcount after a period of reduced presence due to regulatory uncertainty.
- The firm is known for projects in the Solana ecosystem, and is increasing its hiring of crypto engineers and policy experts in the US.
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Jump Trading, a reputed market maker in crypto, is reviving their US digital asset desk after a period of reducing their presence in the market due to regulatory uncertainty, CoinDesk reported Wednesday, citing sources with knowledge of the matter.
In rebuilding their US crypto team, the company is ramping up digital asset trading and seeking to hire crypto engineers, according to the report. They also plan to establish US policy and governmental liaison positions to support renewed market activity.
The market-making giant was linked to two of crypto’s most infamous collapses—the 2022 implosion of the TerraUSD (UST) stablecoin that wiped out $40 billion in investor assets, and the seismic fallout of FTX in the same year.
Tai Mo Shan, a subsidiary of Jump Crypto, which is part of the Jump Trading Group, was under scrutiny for its alleged hand in the events that ripped TerraUSD from its peg. The entity faced investigations from the SEC and the CFTC.
Late last year, Jump agreed to pay $123 million to settle the SEC investigation. However, Tai Mo Shan did not admit to any wrongdoing.
As for FTX, Jump Trading was the exchange’s alpha market maker, until its empire crumbled, leaving the company to swallow nearly $300 million in losses. It is one of the exchange’s largest creditors.
Jump Trading decided to retreat in the aftermath, spinning off its Wormhole project and drastically reducing its crypto division’s headcount. Yet, despite that, the company maintains its digital asset trading and market-making operations across international markets.
Now, with the regulatory environment shifting under the Trump administration, Jump sees an opportunity.
Jump Crypto donated a total of $15 million to Fairshake, a super PAC dedicated to electing crypto-friendly candidates to Congress, for the 2024 election cycle.
Contributors from Jump Crypto and other firms like Coinbase and Ripple have focused on electing candidates—regardless of party—who are favorable to the crypto industry.
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