It was recently announced that Michael Kraines, the Chief Financial Officer at Digital Currency Group (DCG), has stepped down from the company. The news comes only a few months after the cryptocurrency venture funding group raised a new round of funding.

Kraines had served as the CFO of the venture since 2019. The company’s founder Barry Silbert gave this response to Kraines’ departure: “Michael came on board as our CFO at a key time and was instrumental in helping us to continue building out our operational infrastructure. We thank him for his contributions and wish him the best in his future endeavors.”

DCG has become a notable player in the cryptocurrency and blockchain industry by investing in numerous prominent companies in the sector, such as Coinbase, Kraken, and Ripple. The company provides resources to those looking to get involved in the industry, offering capital, support, and advice to help accelerate their development.

In April of 2021, the company announced that it had raised $200 million in funding from partners such as Goldman Sachs, Mastercard, PNC Financial, and JPMorgan Chase. This new round of funding allowed the company to expand its operations to accelerate cryptocurrency adoption.

Michael Kraines joined DCG in 2019 and was instrumental in strengthening the team and the company’s infrastructure. He established the implementation process for all internal systems, ensured the security and scalability of their cloud services, and designed back-end and front-end applications. He was cited as using his “exceptional leadership” to help power the successful investment across a wide range of fintech, blockchain, and cryptocurrency firms.

Since his departure in April, the company has not appointed a new CFO. However, the company did announce that they would be adding new expertise in Human Resources, Data, and Analytic.

Digital Currency Group, a venture funding firm located in New York, has gained prominence in the crypto and blockchain industry due to its funding activities. It has invested in notable companies such as Coinbase, Kraken and Ripple to advance the adoption of cryptocurrency. In April, DCG raised $200 million from partners such as Goldman Sachs, Mastercard, PNC Financial, and JPMorgan Chase. This round of funding was facilitated by Michael Kraines, the company’s Chief Financial Officer before he stepped down from the company in April. During his time at DCG, Kraines was instrumental in the company’s infrastructure, setting up the implementation process for all internal systems, securing their cloud services and designing back-end and front-end applications. With Kraines' departure, the team has been looking for new expertise in Human Resources, Data and Analytics. As the crypto space becomes more saturated and competitive, heading up the right teams and leveraging the right technologies will be essential if DCG is to maintain its prominence in the ecosystem.



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