AlphaPoint, a white-label crypto exchange provider backed by Michael Novogratz, announced on Tuesday that Dan Draper, a managing director and global head of Exchange Traded Funds (ETFs) at Invesco, would join its board of directors.
Draper has managed Invesco’s ETF unit since 2013. He is also the president of Invesco Capital Management, a subsidiary of Invesco Ltd. During Draper’s mandate, Invesco has become the fourth largest ETF provider, managing $220 billion in assets.
Previously, Draper has worked in Europe and Asia for about 20 years. He was employed by several reputable asset managers and investment banking firms like Credit Suisse, Goldman Sachs, UBS, Barclays, and Salomon Brothers. According to his LinkedIn profile, Draper is also a Finance Leaders Fellow at the Aspen Institute.
Speaking about being selected in AlphaPoint’s Board of Directors, Draper said:
“The development of financial products tied to digital assets and cryptocurrencies is already underway. AlphaPoint is a technology and data leader that can power the next generation of financial products for institutional and retail investors. I look forward to joining AlphaPoint’s board and bringing my decades of experience in ETFs, financial products, and global business development to help expand its business.”
On the other side, AlphaPoint CEO Salil Donde commented:
“Dan has been behind the growth and success of many well-known financial products, including Invesco QQQ, which tracks the Nasdaq 100 Index. AlphaPoint is uniquely positioned to leverage both our data and technology to offer firms the ability to create new investment products, and we are excited for Dan to join our board and help guide our rapid growth.”
At the end of July, AlphaPoint said it will back the development of a new crypto exchange called DCEX, with XRP as a base currency. The exchange supports crypto-to-crypto operations in 15 pairs, including Bitcoin, Bitcoin Cash, and Ethereum.
Last week, the firm revealed its plans to develop AlphaPoint Indexes and AlphaPoint Smart Baskets. The two technologies will allow exchange platforms to build new cryptocurrency-based investment tools and products.
Earlier, the New York-based company hired financial executive Kevin Held as CFO, Ned Myers as head of product, and cybersecurity executive Srikant Manda as chief information security officer.