Dive Brief:

• Former Visa CFO Visa Vasant Prabhu has joined the advisory board of directors for blockchain and cryptocurrency security platform Fireblocks, the company announced Wednesday in a press release.
• The credit card network’s alum is taking the board seat as interest in the wider cryptocurrency space sharpens, with President Donald Trump undertaking multiple actions to create a friendlier relationship with the industry in the early days of his second term. The move also comes as the company, which offers a secure platform for digital asset transactions, looks to bridge the gap between the blockchain and traditional finance space — a goal where Prabhu’s past experience will play a key role, the company said.
•  “With his unmatched experience in scaling global payments networks and leading public companies, Vasant brings a unique perspective that aligns perfectly with Fireblocks’ vision, Fireblocks CFO Michael Levine said of the appointment in a statement emailed to CFO Dive. “Visa is the gold standard for networks, and as we build out the Fireblocks Network, Vasant’s expertise will be invaluable in shaping our next phase of growth.”

Dive Insight:

Prabhu — who previously served as Visa’s CFO and vice chair for eight years, departing in 2023 — currently sits on the board for companies including software and tax service provider Intuit, Delta Airlines, consumer health firm Kenvue and the Brookings Institution. His past CFO roles also include a stint as finance chief for NBC Universal, Safeway and Starwood Hotels, according to his LinkedIn profile.

"The payments landscape is at a critical inflection point, and blockchain technology is the engine driving this transformation," Prabhu said in a statement included in the Wednesday release. Fireblocks is targeting continued expansion as it sees a surge in payments volume, reporting institutional transactions spiked by 85% year-over-year in 2024, according to its release.

With Prabhu the digital asset platform is gaining a veteran of a major credit card network player in the traditional financial markets at a time when cryptocurrency firms are looking to establish higher trust and credibility.

It also comes amid a swell of first-week actions by President Donald Trump, some focused on the cryptocurrency market. The president has pledged to take a friendlier approach to the industry, which has struggled to establish itself as a legitimate alternative to traditional finance among challenges related to its volatility, security, and concerns related to its use for fraud or money laundering.

Among other moves, Trump tapped cryptocurrency advocates for key roles including leadership of the Securities and Exchange Commission — nominating crypto lobbyist Paul Atkins to serve as the SEC Chair, following the departure of Gary Gensler, CFO Dive previously reported.  As Atkins awaits Senate confirmation, Trump on Tuesday appointed crypto-friendly Commissioner Mark Uyeda to serve as acting chair.

In a separate Tuesday release, the SEC also announced the creation of a “crypto task force” to be led by fellow Commissioner Hester Peirce — who, alongside Uyeda, often dissented on the agency’s crypto-related decisions under Gensler’s leadership, CFO Dive previously reported. Gensler, who was often criticized by Republican politicians for his aggressive enforcement of crypto, officially departed from his role on Monday.

However, some of Trump’s actions surrounding crypto have already created some pushback among critics, who worry certain decisions by the president could harm, rather than help, the industry’s much-needed credibility. In a move that has sparked both praise and critique, for example, Trump fulfilled a campaign pledge by issuing a full pardon to Ross Ulbricht also on Tuesday.

The founder of dark web marketplace Silk Road, which utilized cryptocurrency for the illegal sale of drugs, Ulbricht was convicted on seven charges including distributing narcotics, in federal court and has been serving a life sentence since 2015, according to a report by CNBC.

“I just called the mother of Ross William Ulbricht to let her know that in honor of her and the Libertarian Movement, which supported me so strongly, it was my pleasure to have just signed a full and unconditional pardon of her son, Ross,” Trump wrote in a Tuesday post on Truth Social. “The scum that worked to convict him were some of the same lunatics who were involved in the modern day weaponization of government against me.”