Eugene Ng on the Institutional Transformation: From Corporate Pariah to Crypto Celebrity
"So one client of mine, that I know before joining Gemini, he was obviously in a very big and large organization and they were looking to cryptocurrency, but there were a lot of, I would say, resistance," begins Eugene Ng, Head of Business Development for APAC at Gemini, setting up one of the most vivid illustrations of institutional crypto adoption he's witnessed. With over 15 years of experience spanning traditional finance at Barclays, Deutsche Bank, and Citibank before building institutional relationships across Asia, Ng has a unique vantage point on how corporate attitudes toward cryptocurrency have undergone dramatic transformation---sometimes turning internal advocates from pariahs into celebrities almost overnight.
The story Ng tells captures the extraordinary speed and scope of institutional mindset shifts that have defined crypto adoption in 2021 and beyond. His colleague's journey from corporate outcast to internal celebrity provides a microcosm of broader institutional transformation that has moved cryptocurrency from fringe speculation to strategic necessity for forward-thinking organizations.
"And there's obviously the guy who manages it is pushing for this initiative. But he's getting a lot of pushback. And the poor guy, there are a lot of career risks especially during Covid times. You don't want to be the guy who tries to push an initiative that may sound pretty crazy in times like this," Ng explains, capturing the professional courage required to advocate for cryptocurrency adoption within traditional corporate environments.
The Corporate Resistance Phase
Ng's institutional experience provides crucial context for understanding how corporate culture initially resists crypto adoption. His traditional finance background helps him recognize the institutional forces---risk aversion, regulatory uncertainty, reputational concerns---that create systematic opposition to cryptocurrency initiatives within large organizations.
"Fast forward that and I remember him telling me, 'It's so hard to get things done, we move like a tortoise, and my management is telling me that, don't try to do anything that's out of the ordinary, just do what you do, stay in the course,'" Ng recalls, highlighting how corporate inertia and risk management culture can stifle innovation even when business cases appear compelling.
The professional isolation that Ng describes reflects broader patterns he witnessed across institutional relationships during his early Gemini tenure. "When I first spoke with institutions six months ago, the response was very lukewarm. It was 'we'll take a look when we have some time,'" he notes, describing systematic institutional disinterest that created career risks for internal crypto advocates.
This resistance phase wasn't merely skepticism about cryptocurrency as technology or investment---it reflected deeper corporate cultural resistance to initiatives that challenged established operational frameworks, regulatory comfort zones, and strategic planning assumptions. The "career risks" that Ng identifies were real, as crypto advocates risked being associated with speculative or potentially problematic initiatives.
His colleague's experience captures the loneliness of championing transformative technologies within conservative institutional environments. "And he got so much from his colleagues and coworkers and his bosses," Ng explains, describing the professional cost of advocating for crypto adoption before institutional consensus emerged.
The Dramatic Reversal
The transformation that Ng witnessed in his colleague's status provides powerful illustration of how quickly institutional attitudes can shift once tipping points are reached. "Now today, he's essentially telling me that everybody has been flooding his email address. Like six months ago, whenever he sent any email to somebody to request for time to speak with them, had no response --- all a very cold email back. Today, he's getting so many people, even guys who are more senior than him, send him emails requesting for his time."
This reversal reflects broader institutional transformation that Ng observed across his professional network. "Fast forward today, they're actually sending us a lot of inquiries. It's all in-bound. So that's really a 180-degrees change," he notes, describing how institutional interest evolved from skeptical to strategic almost overnight.
The speed of this transformation surprises even experienced professionals like Ng who understood crypto's potential. The same colleagues who previously avoided crypto conversations were suddenly seeking expertise and guidance from the internal advocates they had previously marginalized or ignored.
"But he's literally getting so many requests to speak to him. And now, guys who were not so friendly with him are actually super friendly with him now --- given that times have obviously changed. And he's the guy who runs digital assets for an organization," Ng explains, highlighting how professional relationships transformed alongside institutional attitudes.
The Celebrity Effect
Perhaps the most striking aspect of the transformation Ng describes is how his colleague achieved "almost a celebrity status" within his organization. "So today, he's become from a not so popular guy in the firm to a very popular guy --- almost a celebrity status --- because everybody wants his time," Ng observes.
This celebrity phenomenon reflects how cryptocurrency expertise became scarce and valuable within organizations that suddenly recognized digital assets as strategic priority. The same knowledge and advocacy that previously created career risks became coveted internal capabilities as institutional attitudes shifted.
The professional reversal that Ng describes mirrors broader patterns in institutional crypto adoption, where early internal advocates often become senior leaders of digital asset initiatives as organizations scramble to develop capabilities and strategies. The "guy who runs digital assets for an organization" represents a role that barely existed in most institutions just months earlier.
Ng's traditional finance experience helps him recognize how similar transformations occur when new technologies or markets become mainstream. The professionals who develop expertise in emerging areas often experience rapid career advancement as organizations recognize the strategic value of specialized knowledge.
CEO-Level Strategic Imperative
The institutional transformation that Ng witnesses extends far beyond individual career changes to encompass fundamental shifts in corporate strategy and executive priorities. "I'm confident that a lot of the CEOs at C-level suite management are asking what's a digital asset strategy and that's a type of bond interest we're seeing," he notes.
This executive-level attention represents perhaps the most significant aspect of institutional transformation, as cryptocurrency evolved from technology curiosity to strategic business consideration. When C-suite executives begin demanding digital asset strategies, internal advocates transition from institutional outsiders to strategic advisors almost overnight.
The quality evolution in institutional conversations that Ng facilitates reflects this strategic elevation. "I think the type of conversations, a lot deeper, a lot more thoughtful and with news like Square, PayPal, all these big giant fintech companies talking about crypto, and banks," he explains, describing how corporate crypto discussions evolved from theoretical concerns to practical implementation strategies.
The transformation from lukewarm reception to strategic urgency that Ng observes across his institutional network reflects broader recognition that digital assets represent competitive necessity rather than optional innovation. Organizations that initially resisted crypto adoption suddenly found themselves needing internal expertise to avoid strategic disadvantage.
The Timing of Transformation
Ng's story provides insight into how institutional transformations accelerate once critical mass develops. "So that's really funny and we were just having that conversation last week. So it's still timely that you ask me this," he notes, highlighting how recent and rapid the transformation has been.
The institutional adoption acceleration that Ng witnesses reflects network effects and competitive pressure that drive rapid organizational change once tipping points are reached. As leading organizations embrace crypto strategies, competitive pressure forces broader institutional adoption regardless of initial skepticism or resistance.
His colleague's experience from pariah to celebrity captures the personal dimension of institutional transformation, where individual professionals experience dramatic career changes alongside broader organizational shifts. The same expertise that created professional risks suddenly becomes invaluable strategic capability.
Lessons for Corporate Innovation
For digital assets leader Eugene Ng, his colleague's transformation from crypto pariah to corporate celebrity illustrates broader principles about how institutions adopt transformative technologies. The journey from resistance to embrace reflects predictable patterns that extend beyond cryptocurrency to encompass any significant innovation that challenges established corporate frameworks.
The professional courage required to advocate for crypto adoption during the resistance phase, followed by the career benefits that accrue to early internal advocates, provides powerful lessons about corporate innovation dynamics. The same individuals who face professional risks during early adoption phases often become institutional leaders as technologies gain mainstream acceptance.
As institutional crypto adoption continues accelerating, Ng's investment philosophy insights suggest that organizations still in the resistance phase will likely experience similar rapid transformations as competitive pressure and strategic necessity drive adoption. The colleagues who today resist crypto initiatives may tomorrow be seeking expertise from the internal advocates they currently marginalize---just as Ng's colleague discovered when he transformed from corporate outcast to institutional celebrity in the span of months.
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