Dive Brief:

• Cryptocurrency firm Algorand announced the appointment of financial technology entrepreneur Matthew Commons as its first CFO.

• Commons brings more than 20 years of experience to his new role, which became effective Feb. 22, the Boston-based company said in a statement Wednesday. He was most recently the founder and president of Common Partners, an executive advisory firm for blockchain and fintech firms. 

• "We were very deliberate about the skills and experience we wanted in a CFO for this next phase of growth, and found Matthew's experience to be a great fit," W. Sean Ford, Algorand’s interim CEO, said in the statement.

Dive Insight:

The news comes as the crypto market faces heightened scrutiny in the wake of the collapse of crypto exchange FTX.

It also follows reports that MyAlgo, a wallet provider for Algorand, was targeted in a hack resulting in the theft of more than $9 million. The company didn’t immediately respond to a request for comment on the reports.

Algorand issues the digital token ALGO, in addition to providing a blockchain platform designed to process transactions quickly.

Commons said one of his first priorities as CFO will be to help identify strategic growth areas with the leadership team.

"I have long admired Algorand's technology, and to be able to join at a moment of strategic evolution is incredibly exciting,” he said in the company’s statement. "There are tremendous opportunities for Algorand to extend its leadership across many sectors of blockchain.”

Prior to his role as president of Common Partners, Commons was co-founder and CEO of Cambridge Blockchain Inc., which built blockchain products for banks and institutions. That company was sold to Blockchains Inc. in 2020.

Earlier in his career, he served as the founding CFO of cleantech company Ogin and held financial and strategic roles for energy companies including The NorthBridge Group, LS Power Equity Advisors and American Electric Power.

"He 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 M&A activities, and worked extensively with the investment community,” Ford said in the statement. “I have no doubt he'll make significant contributions to Algorand as we continue to build on our earlier successes.”

Commons holds an MBA from Harvard Business School. He earned the dual degrees of BA and BS from The University of Pennsylvania and The Wharton School respectively.