BitGo, the cryptocurrency security firm, has hired a former Bloomberg Tradebook executive to serve as its new vice president of sales.

The hire of Josh Schwartz was announced in a blog post published Tuesday. BitGo say that Schwartz' experience in business development roles will assist in "building institutional-grade security, storage, compliance, and custody solutions for digital assets." The company announced the hire as being part of the effort to build its own in-house asset custodian.

According to the post:

Prior to BitGo, Schwartz was Bloomberg's global head of business development for its Tradebook product, a former head of business development at Axiom Investment Advisors, and has previously worked at financial services firm Cantor Fitzgerald, according to the post.

The move comes on the heels of BitGo's announcement that it would no longer proceed with its purchase of the Kingdom Trust asset custodian, instead preferring to build its own.

As previously reported by CoinDesk, the firm announced it is seeking a charter to build the BitGo Trust, which would be a regulated custodian purely for digital assets.

Further, BitGo detailed its plans to focus on institutional-level investors during CoinDesk's Consensus 2018 conference earlier this month.

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