The global financial sector is currently witnessing a historic migration. For decades, the archetype of a "successful career" in finance was defined by the mahogany desks of traditional institutions—the Goldman Sachses and J.P. Morgans of the world. However, the emergence of blockchain technology has sparked a renegade movement, pulling top-tier talent away from the comfort of established legacy banking and into the high-stakes, high-volatility world of decentralized finance.
In this week’s edition of the CoinJournal podcast, we explored this paradigm shift with Elijah Tan, the current Vice President of Operations at the Philippines-based exchange, Coins.ph. Tan’s career trajectory serves as a perfect case study for the maturation—and the growing pains—of the digital asset industry.
Main Facts: A Career Defined by Disruption
Elijah Tan’s professional journey is a narrative of calculated risk. Formerly an associate at the prestigious Goldman Sachs, Tan made the audacious decision to pivot toward the burgeoning blockchain sector long before it achieved the mainstream cultural status it holds today.
His transition was not merely a change in employer; it was a shift in philosophy. Leaving the "buttoned-up" world of traditional finance—characterized by rigid compliance structures and predictable growth—Tan entered the "Wild West" of crypto. After a significant tenure at the global exchange behemoth Binance, Tan transitioned into his current leadership role at Coins.ph, a cornerstone of the Philippine crypto ecosystem.
His insights offer a rare, grounded perspective on the friction between traditional financial (TradFi) norms and the rapidly evolving requirements of decentralized digital assets.
Chronology: The Evolution of an Industry
To understand the current state of crypto, one must view it through the lens of its recent, turbulent history.
The Pre-Pandemic "Frown"
Tan reflects on a time when jumping into crypto was viewed by his peers with skepticism—or, as he describes it, was openly "frowned upon." Before the COVID-19 pandemic catalyzed retail adoption and institutional interest, blockchain was often dismissed by mainstream bankers as a niche, high-risk curiosity.
The Pandemic Catalyst (2020–2021)
The pandemic forced a global re-evaluation of digital infrastructure. As governments printed trillions in stimulus and retail investors sought yield in a low-interest-rate environment, crypto entered the mainstream consciousness. This period saw the explosion of the play-to-earn (P2E) model, particularly in the Philippines, where blockchain gaming became an essential economic lifeline for many during lockdowns.
The Post-Boom Reality (2022–Present)
The bubble inevitably burst. The collapse of FTX in November 2022 sent shockwaves through the industry, stripping away the veneer of stability from several major players. This, coupled with the regulatory "crackdown" by U.S. authorities—exemplified by the shuttering of BUSD (Binance USD)—has ushered in a new era of caution, compliance, and intense regulatory scrutiny.
Supporting Data: The Philippine Market and the P2E Correction
The Philippines occupies a unique position in the global crypto hierarchy. During the height of the 2021 bull market, the country became the global hub for play-to-earn initiatives, most notably driven by the popularity of games like Axie Infinity.
However, the data suggests a significant cooling period. As the crypto winter set in, the P2E market saw engagement figures fall off a cliff. When asked about this, Tan noted that the correction was a natural response to the unsustainable growth patterns of the boom era.
The decline in P2E engagement has had a direct impact on exchange operations. Exchanges like Coins.ph have had to pivot from being gateways for speculative gaming assets toward providing robust, secure, and regulated financial infrastructure. The focus has shifted from "growth at all costs" to "resilience and regulatory integration."
Regulatory Implications: A Global Perspective
The regulatory environment is no longer a peripheral concern; it is the central pillar of the industry’s future.
The U.S. Influence
Developments within the United States have "seismic implications" for the rest of the world. Because the U.S. dollar is the primary medium for global liquidity, any restriction placed on dollar-backed stablecoins—such as the BUSD crackdown—ripples across the global ecosystem. Exchanges based in emerging markets, like the Philippines, must now navigate a landscape where they are essentially required to operate with the compliance standards of a global bank while managing the technological complexity of a startup.
The Philippines’ Approach
Unlike the somewhat adversarial climate currently found in the U.S., the Philippines has taken a more nuanced approach. By establishing clear regulatory frameworks, the country is attempting to foster innovation while protecting consumers. For an operator like Tan, this regulatory clarity is a double-edged sword: it imposes costs and operational hurdles, but it ultimately provides the legitimacy required for long-term institutional adoption.
Implications for the Future: Is the "Rebel" Move Worth It?
For those currently sitting in the offices of traditional financial firms, pondering a move into the blockchain space, Tan’s experience offers a sobering but optimistic outlook.
The Cultural Shift
The "rebellious" nature of the industry is evolving. The crypto space is currently undergoing a "professionalization" phase. The chaotic, experimental culture of 2017 is being replaced by a culture that prioritizes security, auditability, and clear governance.
Advice for Transitioning Talent
Tan emphasizes that the skills learned in traditional finance—risk management, compliance, and operational excellence—are the very things the crypto industry desperately needs to survive. The "Wild West" is becoming a civilized territory, and it needs architects to build the infrastructure that will last for the next decade.
Conclusion: A Mature Outlook for a Maturing Industry
The interview with Elijah Tan highlights a fundamental truth: the separation between "Traditional Finance" and "Crypto" is shrinking. As institutions like Goldman Sachs begin to adopt blockchain rails for their own settlement systems, and as crypto exchanges like Coins.ph adopt the rigorous standards of global financial institutions, the two worlds are converging.
The bear market, while painful for investors, has been a necessary filter. It has washed away the unsustainable projects and the bad actors, leaving behind firms that are built on genuine utility and robust operations.
For those looking to enter the industry, the message is clear: the era of "moon-shots" and hype is giving way to an era of building. The transition from the comfort of a high-rise office to the high-stakes world of blockchain is no longer a leap of faith; it is a strategic move into the future of global finance.
To hear the full conversation with Elijah Tan and delve deeper into his experiences at Goldman Sachs, Binance, and his current mission at Coins.ph, you can listen to the full podcast here.
For daily updates on the evolving crypto landscape, follow Coins.ph on Twitter at @Coinsph or visit their official website at www.coins.ph. You can also connect with Elijah Tan on LinkedIn.
