Senior Quantitative Risk Analyst (Digital Assets)
Particula München
Hi, we are Particula, the leading rating provider for digital assets! Our mission? To make the market for digital assets more accessible, secure and transparent for institutional investors. We support issuers, trading facilities, banks and asset managers to create trust, minimize risks and allocate capital effectively.
Join our team and shape the future of the financial world with us!
👋 About the Role
We are seeking a motivated and detail-oriented Quantitative Risk Analyst to strengthen Particula's risk methodology capabilities across digital assets. This role sits at the intersection of financial engineering, crypto-native risk, and institutional-grade research, contributing directly to the models and frameworks that power Particula's proprietary risk ratings (PDARF) and the Particula Digital Asset Risk Passport (PDARP).
You will collaborate with cross-functional teams to ensure our methodologies remain at the forefront of industry standards and deliver actionable insights to our clients. The ideal candidate (m/f/d) would have a minimum of 5+ years of proven experience in our or similar industry.
Tasks
Risk Modelling & Quantitative Research
Design and implement stress testing frameworks to assess portfolio and protocol resilience under adverse market conditions- Develop and backtest predictive models using historical on-chain and market data
- Run Monte Carlo simulations and other stochastic methods (e.g., Quasi-Monte Carlo, bootstrapping) and scenario analyses to quantify tail risks and expected loss distributions
- Conduct time series analysis to identify structural patterns, volatility regimes, and correlation dynamics across digital asset markets
Crypto-Backed Lending & Collateral Risk
Build quantitative assessment frameworks for crypto-backed loan products, with a focus on ETH, SOL and BTC collateral- Model liquidation risk, collateral volatility, and loan-to-value (LTV) dynamics under stressed conditions
- Support methodology development and establish ongoing monitoring processes for collateral health and margin adequacy
Real-World Asset (RWA) Vault Assessment
Develop quantitative approaches to evaluate RWA vaults, including credit quality, liquidity profiles, and concentration risk- Contribute to Particula's expanding RWA methodology, ensuring frameworks are rigorous, scalable, and market-relevant
- Collaborate with the methodology team to integrate RWA risk factors into the broader PDARF framework
Research, Publications & Thought Leadership
Produce in-depth quantitative research and market analysis for external publication (e.g., stablecoin assessments, DeFi risk reports)- Translate complex modelling outputs into clear, institutional-quality insights for a broad audience
- Represent Particula's analytical expertise through white papers, reports, and industry commentary
Protocol & Smart Contract Risk Quantification
Quantify risks embedded in DeFi protocol mechanics, including liquidity pool dynamics, oracle dependencies, and governance attack vectors- Build scoring models that incorporate on-chain data (TVL, utilization rates, slippage) into risk assessments
Market & Liquidity Risk Monitoring
Develop real-time or near-real-time risk dashboards and alert systems for market risk indicators (volatility spikes, liquidity crunches, de-peg events)- Monitor cross-asset correlations and systemic risk indicators across the digital asset ecosystem
Rating Model Validation & Calibration
Independently validate and back-test Particula's existing risk models to ensure accuracy, consistency, and freedom from bias- Calibrate rating thresholds and weighting schemes using empirical data, ensuring PDARF ratings remain statistically grounded
Data Infrastructure & Tooling
Work with on-chain and off-chain data sources to build robust, reproducible analytical pipelines- Contribute to the development of internal quantitative tooling used across methodology and research teams
- Strong foundation in quantitative finance, statistics, or financial engineering
- Hands-on experience with Python (pandas, NumPy, SciPy, statsmodels) and/or R
- Familiarity with DeFi mechanisms, tokenomics, and crypto market microstructure
- Experience with credit risk, collateral modelling, or structured products is a strong plus
- Excellent written communication skills - able to author rigorous, publication-ready research
- Self-driven, intellectually curious, and comfortable operating in a fast-moving environment
- Offsites with the team in exciting locations
- Flexible working hours in a company that relies on remote work
- Exciting product in a very dynamic market environment
- Values-based start-up culture
- Many opportunities to develop further and network with committed people
- Flat hierarchy
- Cash salary: gross annual salary & potential share options for outstanding performance
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