Tyrone Ross is back.
After his sudden departure from cryptocurrency startup Onramp Invest for RIA, Ross (pictured) is grooming two new companies: an RIA called 401 Financial and Turnqey, a technology company that will seek to integrate cryptocurrency data into different parts of the flow job of an advisor. .
Ross is not going into either company alone. He told Citywire that he has another partner at 401 Financial and two co-founders at Turnkey Financial, though he declined to identify them. 401 Financial has not yet registered with the SEC.
“The tagline is: ‘the next generation RIA for today’s investor,'” Ross (pictured) said of 401 Financial. “Everyone is talking about the next generation RIA, but no one is building it. So I’m going to build it.” .’
Ross served as the CEO and co-founder of Onramp Invest, which seeks to help RIAs trade cryptocurrencies within their existing trading workflow. After his departure in March, it became known that the company was short of money and laid off employees. In recent weeks, a number of executives have left the company in what co-founder and new CEO Eric Ervin has characterized as an attempt to establish “the right leadership team” to “position the company for the future.” . ‘
Ross declined to comment specifically on Onramp Invest and his departure from the company. He said, however, that “I’ve learned a lot in the last three months after seeing how it all unfolded.” He added that he plans to hire slowly as he builds 401 Financial and Turnkey.
‘It is very, very, very, very difficult to build a company, and your conviction and your belief in your vision may not be that of your target market. They may just have a little problem they want you to solve,” Ross added. ‘And all the grandiosity, if you get to that later, great. But first solve a small problem. Only one.’
Turnqey, aside from a handful of mentions on Ross’s Twitter account, has no online presence. The news was broken by 401k Specialist magazine, which featured Ross on its cover and interviewed him for a profile article.
Ross said that Turnqey will function as an application programming interface (API), connecting cryptocurrency trading data with an advisor’s client relationship management, portfolio management and financial planning software. He compared Turnqey to Plaid, a data transfer company that connects apps like Venmo and Expensify with a user’s bank details.
“People have tried, but we feel that with the team we’ve put together we can do it in a very different way by extracting all the data from the crypto ecosystem, cleaning it, standardizing it, and feeding it into advisory workflows,” Ross said.