Blockchain Protocol Algorand Hires Its First CFO
The new finance chief has several years of crypto and TradFi experience.
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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, 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.