good morning. What draws CFOs working in traditional finance to the world of cryptocurrencies? One was the desire to help bring about a wave of technological change in financial services.
Alecia Haas founded Coin in 2018 after serving as the finance director at Sculptor Capital Management (formerly Och-Ziff Capital Management Group), a global alternative asset management firm for institutional investors. I joined Base as CFO. She also served as her CFO and head of strategy at OneWest Bank and has also held senior positions at Merrill Lynch and General Electric.
Provided by Coinbase
Coinbase, the largest centralized cryptocurrency exchange in the United States, will report net income of $273 million in the fourth quarter of 2023, bringing its net income for all of 2023 to $95 million.
“I'm old enough to have grown up in the early days of the internet and just watched the changes in how technology creates new use cases,” Haas told me in a March 28 conversation. Tokenizing real-world assets and sending value peer-to-peer will create a more inclusive, faster, and cheaper financial system. And it was very exciting to be a part of that. ”
These are exciting times for crypto enthusiasts, as Bitcoin recently hit a new all-time high of over $72,000 and Coinbase surpassed its direct listing price for the first time since December 2021. , when you consider Bitcoin's five-year, 10-year returns relative to all other assets, Bitcoin is one of the assets that has performed better than any other comparable asset,” Haas said. .
Although she is now focused on digital assets, the fundamentals of being an effective CFO remain the same, she told me.
“This is my third CFO role,” Haas said. “What’s happening at Coinbase is very similar to the role I had in traditional financial services. You have to be a thought leader, you have to be a key member of the executive team that touches every part of the business. You are part of a critical team that drives strategic resource allocation, promotes a strong governance environment, and represents the voice of investors within management. ”
He added, “It's a really fun role.'' And for many CFOs, their role is also changing with the widespread adoption of AI. What about Haas?
“Maybe that's because I came to Coinbase and I'm very bullish on crypto technology. I'm also very bullish on AI technology,” she said. “In my opinion, any technology can provide value. We need to understand the risks of all technologies and protect against those risks.”
She pointed out that this is not the first time that technological innovation has changed the way business is done. The biggest benefit of AI is the huge increase in productivity. “I think we're going to learn how to do things in different ways. It's going to be game-changing.”
It's not just for her or Coinbase.
“I have three girls,” she added, “and I tell them it's a good time to be alive.”
To learn more about Haas' insights on the future of finance, you can read the full interview here.
Cheryl Estrada
sheryl.estrada@fortune.com
Leader board
Dan Matthews He was promoted to president of Hilton Grand Vacations, Inc. (NYSE:HGV) and continued in his role as CFO. The company said Matthews will now work more closely with HGV's sales and local marketing departments, building on his tenure overseeing HGV's finance, accounting, development and technology departments.
robert wallman was appointed as CFO in FinWise Bancorp (NASDAQ:FINW). Mr. Wallman will succeed Mr. Jarvis Jacobson, who will remain with the bank as finance director. Mr. Wahlman has served as CFO for several financial institutions, most recently Axiom Bank and Axiom Bancshares, Inc.
big deal
Fortune's 2024 America's Most Innovative Companies list recognizes 200 companies that are fundamentally transforming their industries. For example, a research and development team inventing a new product. Efficient processes that increase your company's bottom line. An inspirational leader who fosters brainstorming and collaboration. Almost every company on this list has posted revenue growth over the past three years. Alphabet won No.1. The first and top five companies on the list are Apple, Microsoft, IBM, and Salesforce.
even deeper
The past year has seen significant progress in global digital asset regulation. However, there is still much work to be done, according to PwC's 2024 Global Cryptocurrency Regulation Report. The study examines topics that will shape the industry's future outlook, including the cost of doing business globally, global regulatory frameworks and policies, and global prudential standards. This includes regulatory trends in over 40 jurisdictions.
overheard
“It's no surprise that so many women in leadership positions were once Girl Scouts.”
Bonnie Birchkowski, CEO of Girl Scouts of the United States, made the comment after being told that eight female leaders of Fortune 500 companies were once Daisies, Brownies, Juniors, or older. luck staff.
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