The global financial landscape is currently defined by a stark dichotomy: the established, heavily regulated world of traditional finance (TradFi) and the volatile, fast-paced, and largely renegade ecosystem of cryptocurrency. For professionals standing at this crossroads, the decision to pivot is rarely just about career advancement—it is a philosophical commitment to a nascent technology.
In a recent deep-dive interview on the CoinJournal podcast, Elijah Tan, the Vice President of Operations at the Philippines-based exchange Coins.ph, offered a rare, candid perspective on what it means to abandon the "buttoned-up" security of elite banking for the frontier of blockchain. His transition from Goldman Sachs to the center of the Southeast Asian crypto market serves as a blueprint for understanding how the industry has matured, struggled, and pivoted since the onset of the COVID-19 pandemic.
The Pivot: A Journey from Goldman Sachs to Blockchain
The Professional Evolution
Elijah Tan’s career trajectory is emblematic of a broader trend seen among top-tier financial analysts over the last five years. Having cut his teeth at Goldman Sachs, Tan was well-versed in the rigors of traditional financial systems—compliance, legacy infrastructure, and risk aversion. However, the allure of blockchain technology prompted him to make a move that, at the time, was viewed with skepticism by his peers.
In the conversation, Tan reflected on the social and professional stigma associated with leaving elite finance for crypto during the pre-pandemic era. "It was frowned upon," he noted, explaining that jumping into a sector often characterized by lack of oversight felt, to many in his circle, like professional suicide. Yet, his subsequent tenure at Binance and his current leadership role at Coins.ph suggest that the "rebellious" move was, in hindsight, a visionary career play.
Chronology of a Shift
- Pre-2020: Crypto is viewed by the institutional finance sector as a fringe asset class, largely speculative and lacking in long-term viability.
- 2020–2021: The COVID-19 pandemic accelerates digital transformation. Institutional interest surges, and blockchain gaming—specifically the Play-to-Earn (P2E) model—captures the imagination of emerging markets like the Philippines.
- 2022: The "Crypto Winter" begins. The collapse of major entities, most notably FTX, triggers a regulatory reckoning.
- 2023–Present: The industry undergoes a "flight to quality," where exchanges focus on security, local compliance, and sustainable operations rather than explosive, speculative growth.
The Regulatory Landscape: A Tale of Two Jurisdictions
One of the most pressing topics discussed was the divergence between regulatory environments in the United States and Southeast Asia. The US has recently adopted a "regulation by enforcement" approach, marked by high-profile actions against major industry players.
The US "Clampdown"
The collapse of FTX in November 2022 served as the industry’s "Lehman Brothers moment," exposing deep-seated vulnerabilities in centralized crypto exchanges. This event, followed closely by the regulatory scrutiny surrounding BinanceUSD and various other stablecoin initiatives, has forced a paradigm shift. For many US-based firms, the operating environment has become a minefield of legal ambiguity and aggressive oversight.
The Philippines Context
Conversely, the Philippines has positioned itself as a progressive hub for digital assets. Coins.ph, operating within this specific jurisdictional framework, has had to navigate a different set of challenges. Unlike the Western approach, which is often reactive, the Philippine regulatory stance has been more focused on integrating blockchain into the local economy while protecting the retail consumer. Tan highlights that for an exchange to survive in the current market, it must bridge the gap between "crypto-native" innovation and "trad-fi" reliability.
Supporting Data: The Rise and Fall of the Play-to-Earn (P2E) Model
No discussion of the Philippines and cryptocurrency is complete without addressing the rise of blockchain gaming. In 2021, the Philippines became the global epicenter of the P2E phenomenon. Projects like Axie Infinity transformed the way local populations interacted with crypto, providing a secondary income stream during the economic lockdowns.
The P2E Correction
However, the economic model of these games proved highly sensitive to market cycles. As the bear market set in, the "numbers fell off a cliff." Tan’s insights into this decline are telling: the initial model was built on unsustainable growth patterns that relied heavily on new users entering the ecosystem. When the market cooled, the underlying economic engine sputtered.
This correction has forced firms like Coins.ph to rethink their user base. The focus has shifted from "gamified speculation" to practical financial utility—such as remittances, cross-border payments, and accessible financial services for the underbanked. The lesson here is clear: the long-term viability of crypto in developing nations relies on utility, not just entertainment or speculation.
Implications for the Future of Exchanges
The current "bear market" serves as a crucible for crypto exchanges. While the headlines often focus on volatility and price action, the real story, according to Tan, is the operational hardening of these companies.
The "Flight to Quality"
For an exchange, the primary goal is no longer just "growth at all costs." It is now centered on:
- Transparency: Providing verifiable proof of reserves to restore retail confidence.
- Compliance: Proactively engaging with local regulators rather than resisting them.
- Infrastructure: Building robust systems that can withstand high volatility without catastrophic downtime.
Tan’s experience at both global giants like Binance and regional leaders like Coins.ph provides a unique vantage point. He argues that the bear market is, in many ways, a healthy cleansing of the industry. It removes "bad actors" and forces surviving platforms to demonstrate true value to their users.
Institutional Adoption vs. Retail Sentiment
While retail investors may be disillusioned by the recent market downturn, the institutional interest in blockchain technology remains steady. However, this interest is shifting toward "infrastructure-first" solutions. The focus is now on how blockchain can make existing financial processes—like instant international transfers or decentralized identity verification—more efficient.
Conclusion: Lessons for the Aspiring Professional
For those currently working in traditional finance and eyeing a move into the crypto space, Elijah Tan’s journey offers a few key takeaways:
- The Skillset is Transferable: The rigor, compliance awareness, and operational discipline learned in traditional banking are highly prized in the crypto sector as it matures.
- The "Rebel" Phase is Ending: The days of the "Wild West" are coming to a close. The future belongs to those who can navigate the interface between innovation and law.
- Patience is a Virtue: The crypto market moves in cycles. Those who entered during the hype phase often failed, but those who are building through the bear market are the ones who will define the next bull run.
The transformation of the crypto industry is not just a story of price charts and market caps; it is a story of human capital. Professionals like Elijah Tan are the bridges between the old world of finance and the new world of digital assets. As the industry matures, the distinctions between "TradFi" and "DeFi" will likely continue to blur, creating a more integrated, efficient, and transparent financial future for all.
For those interested in the full discussion, you can listen to the interview on the following platforms:
To keep up with the latest from the industry, follow @Coinsph on social media or visit their official website at www.coins.ph. You can also connect with Elijah Tan on LinkedIn to follow his ongoing contributions to the blockchain space.
