Algorand, the pure proof-of-stake, carbon-negative Layer-1 blockchain network, announced the appointment of Matthew Commons as Chief Financial Officer (CFO), effective February 22. Commons joins the Algorand Executive Leadership Team with responsibility for all financial matters spanning day-to-day operations, future growth initiatives, and capital management.
“I have long admired Algorand’s technology, and to be able to join at a moment of strategic evolution is incredibly exciting,” said Commons. “There are tremendous opportunities for Algorand to extend its leadership across many sectors of blockchain. 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.”
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Commons brings more than 20 years of relevant experience to his role. Most recently he was Founder and President of Common Partners, an Executive Advisory firm for several well-known blockchain and FinTech firms. Prior to that he was Co-Founder, CEO and Chairman of Cambridge Blockchain Inc. – a company that built blockchain products for banks and institutions, which he successfully sold in 2020 to Blockchains Inc.
Earlier in his career Matthew served as the founding CFO of cleantech company Ogin and held financial and strategic roles for leading energy companies including The NorthBridge Group, LS Power Equity Advisors and American Electric Power.
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“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,” said W. Sean Ford, interim CEO, Algorand. “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. 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, and is a Chartered Financial Analyst (CFA) charterholder.
Over the past six months Algorand has continued to demonstrate its focus on developing superior Layer 1 technology. The company recently implemented several major protocol enhancements including: the launch of State Proofs to support cross-chain communications, an increase in performance from 1,200 to 6,000 transactions per second (TPS), and new tools to streamline development and introduce on-chain randomness capabilities for dApps.
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