Salem Radio Network News Tuesday, July 27, 2021

Science

Fintech investor Nyca Partners snaps up former regulator to focus on crypto

By Anna Irrera

(Reuters) – Matt Homer, who formerly led the New York Department of Financial Services’s innovation division, has joined Nyca Partners, the venture capital firm founded by ex-Visa President Hans Morris, the company said.

Homer has been appointed Nyca’s first executive in residence, and will help the investment firm develop its cryptocurrency strategy.

Nyca is one of the most well-known venture capital firms focused on fintech and has a backed a number of established companies including Acorns, Affirm Holdings Inc and Revolut.

“We are beyond a tipping point with cryptocurrencies, there are hundreds of thousands of engineers focusing on cryptocurrency applications,” Morris, Nyca’s managing partner, said in an interview. He added that the firm would look to invest in startups building applications needed to support mainstream adoption of cryptocurrencies.

Homer founded and led NYDFS’s innovation department, a division which spearheads the watchdog’s efforts on fintech, insurtech and cryptocurrencies and aims to make New York an attractive hub for digital financial services companies.

His time at NYDFS coincided with a boom in cryptocurrency markets, and an increase in more mainstream financial services firm entering the sector.

“It’s pretty clear to me that the crypto economy is here to stay but the products and services that will last the test of time are those that will integrate and enhance traditional finance,” Homer said in an interview.

Prior to joining NYDFS Homer was head of policy and research at startup Quovo, worked at the Federal Deposit Insurance Corporation and launched two innovation centers at USAID.

(Reporting by Anna Irrera; Editing by Andrea Ricci)

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