Injective Labs, the world’s first cross-chain protocol built for decentralised finance applications, has hired Sullivan & Cromwell associate Brandon Ferrick as its first general counsel. 

Ferrick joins the New York-based startup after two years at Sullivan & Cromwell, also in New York, where he focused on regulatory and transactional matters for financial institutions. His experience covers digital asset exchanges and token projects, as well as negotiating M&A transactions and venture capital investments. 

As one of the initial contributors to the Injective Protocol, a decentralised network with the ability to offer trading in any derivatives market including stocks, cryptocurrency, forex, NFTs and other assets, Injective Labs has earned backing from some of the space’s biggest players, including the investment arm of Binance, the world’s largest cryptocurrency exchange. 

It followed up on the seed funding it received from Binance in 2020 when it raised $10m in a fundraising round led by billionaire entrepreneur Mark Cuban, hedge fund Pantera Capital and cryptocurrency investment fund Blocktower Capital earlier this year. 

“Injective Labs will work closely with regulators and financial institutions to pioneer new standards in decentralised financial markets,” Ferrick said in a statement announcing his appointment. 

He added: “Our current goal is to make Injective Protocol the most trusted platform among existing DeFi networks.”

Ferrick’s arrival comes ahead of potential regulatory changes regarding decentralised trading in the US and abroad as the US government continues to parley with market players to solidify a stance on cryptocurrencies. 

Ahead of the likely changes, the company also hired Maxim Shen from Tower Research Capital to lead its trading desk. Shen previously worked as a quantitative trader at leading cryptocurrency trading firm Blue Fire Capital, which was acquired by Michael Novogratz’s Galaxy Digital in November last year. 

Last month, INX, the owner of blockchain-based platforms for trading digital securities and cryptocurrencies, also added new legal leadership when it signed on Jonathan Blattmachr as deputy general counsel.

Prior to joining INX, which operates the first security token IPO cleared by US regulators, Blattmarchr served as virtual currency chief and assistant deputy superintendent at the New York State Department of Financial Service in its research and innovation division. He also worked in private practice at BakerHostetler and Schulte Roth & Zabel.