Blockchain Protocol Algorand Hires Its First CFO

The new finance chief has several years of crypto and TradFi experience.

AccessTimeIconMar 1, 2023 at 1:55 p.m. UTC
Updated May 9, 2023 at 4:09 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Layer 1 blockchain protocol Algorand (ALGO) hired Matthew Commons as its first chief financial officer as it looks to expand its growth strategies and capital management.

"One of my first priorities will be to help identify strategic growth areas with the leadership team, and then ensure we have the right financial plans in place to go after them," Commons said in a statement.

  • 'The Voice' Makes Its Way to the Metaverse
    12:43
    'The Voice' Makes Its Way to the Metaverse
  • Staking Has Been a Major Liquidity Sink for ETH: Coinbase Institutional
    00:53
    Staking Has Been a Major Liquidity Sink for ETH: Coinbase Institutional
  • Fantom Token Jumps; Dolce & Gabbana Sued for NFT Deliveries
    01:52
    Fantom Token Jumps; Dolce & Gabbana Sued for NFT Deliveries
  • What's the Key to Winning a Hackathon?
    00:32
    What's the Key to Winning a Hackathon?
  • Commons, who is a Chartered Financial Analyst (CFA) and holds an MBA from Harvard Business School, previously was president at Commons Partners LLC., an executive advisory firm that included clients both in the cryptocurrency and technology industry, according to the statement. Prior to that, he was the CEO, chairman and co-founder of Cambridge Blockchain, which built blockchain products for traditional finance (TradFi) firms.

    "He [Commons] understands blockchain technology, has been a successful entrepreneur and CEO within our industry, managed high-performing teams, led strategic planning and corresponding capital raises, executed [mergers and acquisitions] activities and worked extensively with the investment community," said W. Sean Ford, interim CEO of Algorand.

    The former chief operating officer of Algorand, Ford was elevated to the CEO role last year after previous CEO G. Steven Kokinos left to "pursue other interests."

    Algorand, a proof-of-stake layer 1 blockchain, was founded in 2017 by MIT professor and cryptographer Silvio Micali. The protocol is designed as a payments-focused network, focusing on transaction speed and scalability.

    The protocol recently implemented a new interoperability standard, state-of-proofs, to support cross-chain communications as well as increase transaction speed to 6,000 transactions per second from 1,200.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Aoyon Ashraf

    Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.