Coinbase nabs hedge fund executive Alesia Haas to join which as CFO

Cryptocurrency wallet along with exchange firm Coinbase has hired a Wall Street executive as its finance chief.

The company said in a blog post on Tuesday which Alesia Haas, the chief financial officer of publicly traded hedge fund Och-Ziff Capital Management, will join which as chief financial officer (CFO) immediately. Haas will help Oz Management with the transition until June 1.

Coinbase CEO Brian Armstrong said in a statement which Haas “brings deep financial services experience to our growing company.”

“As a fintech (financial technology) company, finance can be core to everything which we do,” he said. “We plan to continue bringing the best along with brightest coming from both finance along with technology companies to help create an open financial system for the globe.”

Haas was previously the CFO along with head of strategy for OneWest Bank along with has worked for Merrill Lynch along with General Electric in senior finance, investment along with strategy roles. Thomas Sipp will take over as Oz Management’s CFO as Haas departs the company.

An increasing number of Wall Street bankers have joined cryptocurrency-related start-ups as institutional interest from the space grows. On Monday, crypto wallet maker Blockchain hired a Goldman Sachs executive as its head of institutional sales along with strategy. along with last week, billionaire Mike Novogratz’s merchant bank Galaxy Digital, hired a Goldman executive as chief operating officer.

Haas’ addition to Coinbase comes at a critical moment for the cryptocurrency industry. The market saw unprecedented interest last year, with the globe’s best-known cryptocurrency, bitcoin, surging to a record high near $20,000. nevertheless prices have fallen dramatically since then with bitcoin hovering around the $8,000 mark, according to data coming from CoinDesk, which tracks the cost of various digital coins.

Regulators are scrambling to figure out how to rein in speculative investing from the sector, as well as address concerns of fraud along with additional illegal activities.

Meanwhile Coinbase itself made its largest acquisition on Monday, buying blockchain start-up Earn.com for a reported $100 million. The company, last valued at $1.6 billion, reportedly recorded $1 billion in revenue last year.

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