Today, we return to digital assets, quant trading and blockchain infrastructure. Since we last checked in on the space following FTX’s collapse, digital assets, crypto trading and blockchain infrastructure have recovered and moved firmly into the mainstream.
From major institutions and hedge funds running multiple desks to the growing use of blockchain in settlements and payments, this shift is being felt not only in commodities, but across industry.
What are the latest trends? Where is talent demand strongest, and for which disciplines? And how does this intersect with the commodities sector?
Speaking to our host, Paul Chapman, on this episode is Joe Miscioscia, Founder and CEO of the Joseph Anthony Group, a recruitment firm dedicated to digital assets, quant trading, and blockchain infrastructure.
Read below for our key talent impacts from this episode.
Podcast Briefing: an Edited Q&A
The following Q&A has been adapted from the HC Commodities Podcast and edited for clarity and length.
The institutionalisation of digital assets
Paul Chapman: The last time we properly looked at crypto, it was in the wake of FTX’s collapse. Where are we today, and how is it different from a few years ago?
Joe Miscioscia: It is a completely different landscape. Over the past four to five years, digital assets have effectively gone mainstream. What we saw in 2020 and 2021 was the beginning of institutional adoption, but there was still hesitation because of regulatory uncertainty.
There is now far more clarity across jurisdictions, and because of that, we are seeing large hedge funds and multi-managers actively building out trading desks. At the same time, there is growing interest in more specialised areas of crypto, particularly within decentralised finance. What is happening now is a convergence between traditional and digital markets, especially as tokenised marketplaces and 24 hour trading models gain traction.
How crypto trading desks actually operate
Paul Chapman: If you look at a typical hedge fund with a digital assets function, how are those teams structured in practice?
Joe Miscioscia: It varies by firm, but most operate in pods, where individual teams run specific strategies rather than focusing on a single asset. You typically see strategies such as arbitrage, event-driven trading, and pricing dislocations, broadly similar to traditional markets.
On the centralised side, trading happens through exchanges such as Binance or Coinbase. On the decentralised side, teams operate directly on blockchain-based marketplaces, where execution and settlement are handled through smart contracts. More advanced teams tend to operate across both environments depending on where they see opportunity and how their infrastructure is built.
Quant-driven markets and evolving edge
Paul Chapman: In traditional commodities or equities, traders rely on fundamentals. In crypto, what underpins the trading thesis?
Joe Miscioscia: A large portion of the market is driven by quantitative and algorithmic strategies, particularly in high frequency or intraday trading. There is still a discretionary element in some firms, especially those running longer term positions.
Where crypto differs is the level of volatility and inefficiency. That creates opportunities for higher returns but also increases risk. Teams that succeed tend to combine strong infrastructure, access to high quality data, and the ability to analyse sentiment, whether that is on chain activity or broader market signals.
Return profiles and competitive dynamics
Paul Chapman: How do returns in crypto trading compare with more established asset classes?
Joe Miscioscia: The profiles are very different. In traditional quantitative strategies, you might expect relatively stable returns with limited drawdowns. In crypto, you often see much higher return ranges, sometimes materially higher, but with significantly more volatility.
The challenge is managing that volatility while maintaining strong risk adjusted performance. The teams that perform best are those that can combine disciplined risk management with a clear edge, whether that sits in infrastructure, execution, or access to data.
Tokenised crude and the convergence with commodities
Paul Chapman: We are starting to see tokenised crude trading emerge. What is happening there, and why does it matter?
Joe Miscioscia: It is a significant development. On platforms such as Hyperliquid, crude contracts are becoming some of the most actively-traded assets, supported by strong volumes. A key shift is the move towards continuous, 24 hour trading through perpetual futures.
This creates new opportunities, particularly in more volatile macro environments. It also reflects a broader trend towards the tokenisation of real world assets. Over time, this could extend across other commodities, helping reduce settlement friction and improving access to markets.
Blockchain as financial infrastructure
Paul Chapman: Beyond trading, how widely are companies adopting blockchain infrastructure for real world transactions?
Joe Miscioscia: It is becoming increasingly widespread. Early perceptions of crypto were centred on trading and speculation, but the underlying technology is really about how funds move.
We are now seeing banks, payment providers, and corporates explore blockchain for settlement, payments, and liquidity management. The value comes from speed, transparency, and programmability, allowing transactions to be tracked on chain and reducing reliance on intermediaries.
The talent shift: from early adopters to institutional hiring
Paul Chapman: On the talent side, what are companies looking for today, and how has that changed?
Joe Miscioscia: It has changed significantly. Earlier in the market, there were more non traditional profiles, individuals who were self taught and operating independently.
Today, the bar is much closer to traditional quantitative finance. Firms are hiring PhDs, experienced quant researchers, and engineers from established financial institutions. On the infrastructure side, there is strong demand for developers with expertise in blockchain ecosystems and smart contract development, which remains a relatively limited talent pool.
High performing traders are always difficult to find, but the biggest constraint is specialist technical talent, particularly individuals who understand specific blockchain ecosystems and can build infrastructure around them.
Building teams and creating long-term advantage
Paul Chapman: What is hardest to build when firms enter this space?
Joe Miscioscia: High performing traders are always difficult to find, but beyond that the biggest constraint is specialist technical talent, particularly individuals who understand specific blockchain ecosystems and can build infrastructure around them.
Many firms are still at the stage of determining where to begin. Often, the first step is bringing in someone who can help design the strategy and infrastructure, and then building a team around that capability over time.
From niche to mainstream
Paul Chapman: Has crypto definitively gone mainstream?
Joe Miscioscia: At this stage, there is participation across the board, from hedge funds and proprietary trading firms to banks and asset managers. There is growing interest from institutions as the regulatory environment becomes clearer.
The focus now is less on whether to engage, and more on whether firms have the infrastructure, capabilities, and talent required to operate effectively in this space.
Digital assets are increasingly integrated into global financial markets. As tokenisation expands into commodities and blockchain infrastructure becomes more widely adopted, competitive advantage is likely to depend on a combination of trading expertise, technical capability, and access to specialist talent.