Former SWIFT CEO Lazaro Campos has become chair of London-based OpenTrade, which enables businesses to earn yield on their stablecoin balances.
According to CoinDesk, Campos has joined OpenTrade, which provides infrastructure to fintech companies, exchanges, and digital wallets. The company aims to expand its services by drawing on Campos’s experience at a time when financial institutions are increasing their use of stablecoins.
Campos said he spent a significant part of his career working on the infrastructure for global money transfers and sees stablecoins as the next phase of finance. He argued that offering yield also makes these assets more useful for businesses and their customers.
Trading volume exceeds $1 billion
According to data released by OpenTrade, the platform recorded more than $1 billion in trading volume over the past 12 months. TVL, which represents the total value of assets deposited on the platform, stands at $300 million.
In its May funding round, the company reported trading volume of $250 million over the preceding 12 months and more than $200 million in assets on the platform. The new figures point to growth in both metrics.
Founded in 2023, OpenTrade enables businesses to offer dollar- and euro-denominated yields backed by real-world assets without building their own investment infrastructure. The appointment is part of the company’s plan to expand this existing service.
From banking infrastructure to a stablecoin company
Campos previously led SWIFT, a financial messaging network that connects more than 11,000 financial institutions worldwide. OpenTrade says transaction volume on the network nearly doubled during his tenure.
Campos also served on the board overseeing the Bank of England’s RTGS payment infrastructure and CHAPS system, as well as on the board of digital bank Starling. He currently chairs Payoneer Europe.
In May, OpenTrade raised $17 million in a round led by Mercury Fund and Notion Capital, with participation from a16z crypto, AlbionVC, and CMCC Global. The company has raised a total of $32 million to date.
Not investment advice.