An executive director from Goldman Sachs has left the US banking powerhouse to join a UK cryptocurrency broker, marking another step in the professionalisation of the fledgling sector.

Phillip Gillespie, who joined Goldman in 2015, is to become chief executive of B2C2’s cryptocurrency operations in Japan. Gillespie will start at the firm on January 29.

The move comes as cryptocurrencies, such as bitcoin, have evolved from instruments associated with money laundering towards greater legitimacy. Last month, Cboe Global Markets and CME Group, two of world’s biggest derivatives exchanges, launched their own bitcoin futures contracts with enthusiasts contending the introduction will attract institutional and professional traders.

Max Boonen, the founder of B2C2, said: "I am very pleased to welcome Phillip as CEO of B2C2 Japan. His expertise in the FX market will be a great asset as we ramp up our business in Japan and the Asia Pacific region."

Gillespie was a foreign exchange algorithmic trader at Goldman and was previously an FX voice and systematic trader at Barclays and JPMorgan.

Gillespie said: "Max and his team have built one of the largest and most successful cryptocurrency operations in just two years. I look forward to building on B2C2’s success."

Earlier this week, six of the world’s largest asset managers categorically ruled out investing in bitcoin, despite the price of the cryptocurrency jumping from $1,000 at the start of last year to a high of almost $20,000 in December. However, more recently the price has been falling and today bitcoin hit a six-week low of $11,675.

Schroders, Aviva Investors, Janus Henderson, M&G Investments, Aberdeen Standard Life and Man Group all told Financial News they have no involvement in the digital currency and no future plans to invest in bitcoin, calling it a “speculative, immature financial instrument”.

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