Brandon Neal, an employee of the New York Federal Reserve, has joined the decentralized financing platform (DeFi) Euler Finance, indicated the protocol in a report.
Euler made the announcement on Wednesday, stating that Neal had joined the project as chief operating officer (COO).
Neal’s exit from the Fed comes after 10 years of working in various capacities, including as head of the Markets Trading Desk. He reportedly teamed up with Euler after an engagement that left him impressed with their risk management system.
“The TradFi-to-DeFi movement is gaining momentum and I am delighted to be a part of it: after about a decade at the New York Fed on the Markets Desk, I am pleased to announce that I have joined Euler Finance, a new generation DeFi project, about to lead crypto,” he said tweeted .
According to the former Fed staff member, Euler Finance has a “carefully designed” risk management system. It is a robust project that is being implemented thoughtfully,” he added in an interview with CoinDesk.
Sharing his opinion on DeFi, Neal said the sector has the potential to revolutionize the world of finance. He believes that DeFi has the ability to “shake up” legacy finances that have become bloated and stuck.
But he also believes that a lot of hype surrounds certain elements of the crypto world, a fact that makes many players in the traditional financial sector skeptical of it. The hype, he noted, is something that blurs the “real deep innovation” being undertaken by some very serious teams in the space.
Neal joined Euler’s team just a few days after the platform announced that it had added Wojtek Zając as a front-end developer.
The platform said Zajac has experience in design and DeFi systems and has had key collaborations with the likes of Twitter, Riot Games and Kaplan.