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.

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.

Read more: Algorand Rises After Italy Selects Blockchain Protocol for Digital Guarantees Platform