Incumbents across capital markets and banking are struggling to stem the departures of staff to cryptocurrency firms. Last week market maker Citadel Securities (Citadel) applied for a restraining order against Vincent Prieur, an ex-employee that joined Swiss-based startup Portofino.
The new company, a cryptocurrency market maker, was founded by ex Citadel Securities personnel Leonard Lancia and Alex Casimo. Two weeks ago, it announced a funding of $50 million from Valar Ventures, Global Founders Capital and Coatue. Whereas Casimo and Lancia left Citadel Securities in March 2021, Prieur departed a year later.
In court documents, Citadel Securities described Portofino as “a key competitor that was deceptively and surreptitiously formed by other former Citadel Securities executives.”
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