The best way to know how to change a longstanding institution is often by working within the very system. The traditional financial system is one that has been ruled by a few massive players for a long time, and banks have notoriously aided criminal behaviour for personal gain. Corruption undermines stability in the banking industry, and only the top one percent of people are able to thrive while simultaneously hurting the majority of the population.
For entrepreneur Samir Tabar, spending years working in various industries equipped him with the necessary tools to make changes where he saw first-hand the deceit that was taking place. Tabar is the epitome of a modern-day financial entrepreneur, and he is currently the Chief Strategy Officer at Bit Digital, a cryptocurrency mining company. Tabar has helped push Bit Digital to be one of the most innovative and sustainable crypto mining companies in the world.
Before diving into the world of cryptocurrency, Tabar built a storied resume. Upon earning two degrees from prestigious universities — a Bachelor’s Degree from Oxford University and a Master of Law Degree from Columbia University — Tabar began working as an attorney at Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates on Wall Street for four years. He then made a major move all the way to Japan.
Due to his major success building one of the biggest finance firms in the country, Tabar was appointed to an esteemed role as Director and Head of Capital Strategy of the Asia Pacific Region for Bank of America Merril Lynch. Soon after, the 2008 financial crisis shocked the world, just as the invention of Bitcoin did the same.
Tabar was both disappointed in the malpractice and corruption he saw first-hand during the financial crisis, and encouraged by the creation of the world’s very first cryptocurrency. Blockchain technology originated on Jan. 3, 2009 when the very first block — the genesis block — was mined. Ever since, crypto mining has been a hot topic in terms of sustainability. According to PCMag, a single bitcoin transaction utilizes 1088.94 kilograms of CO2 and requires 2292.5 kWh of electrical energy.
Industry leaders like Tabar have been working to improve these statistics. He first helped co-found Fluidity, a company that created technology to connect the various players within the decentralized finance area, sans the middleman, such as a bank or financial institution. Fluidity inspired many within the industry with its creation of AirSwap, a tool that enables others to trade directly with one another. Tabar went on to sell the company to Consensys in May 2020, and he joined the team at Bit Digital.
At Bit Digital, Tabar helped lead an initiative that brought the company to 67 percent carbon-free levels, up from 37 percent in one quarter. He also helped pioneer a revolutionary movement, bringing the company’s 40,000 mining machines from China to American ground. The majority of the company’s mining operations now operate on solar power in Nebraska, and hydropower in upstate New York.
As Tabar continues to make waves in the crypto industry, follow along on his journey here.