Crypto trading firm GSR made its first hire in the UAE at an interesting time
Conflicts in the Middle East seem to (hopefully) be subsiding, but a return to normal is a long way away. A sign that confidence in the region is resurging is that multiple firms are building out in the UAE; the latest to do so is crypto electronic trading firm GSR.
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GSR, based primarily in London, hired Khushbir Dhariwal as a quant researcher based in Abu Dhabi. He spent the last two years at Laser Digital, the crypto arm of investment bank Nomura, latterly serving as its head of over-the-counter (OTC) trading. He's already based in the UAE but is relocating from Dubai for the role. Dhariwal's background is in London, working in electronic FX trading across RBC, Credit Agricole and Commerzbank.
GSR, which did not respond to a request for comment, does not seem to have any employees in the UAE that predate Dhariwal. It's not clear whether the firm is building out an office there. If it is, the firm isn't the only one making inroads on Abu Dhabi. Hedge fund Balyasny, which already operates in Dubai, has been expanding its Abu Dhabi presence with ExodusPoint and Eisler Capital alums.
GSR, meanwhile has aspirations of being more than just a trading firm. Reuters reported last month that it wants to become a crypto-native investment bank a-la Galaxy Digital, and has been acquiring multiple firms to facilitate this.
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