Gearing Up For An IPO: BlockFi Adds Former CFTC Chairman ‘Crypto Dad’ to Board
Former Commodity Futures Trading Commission (CFTC) chairman J. Christopher Giancarlo has joined the board of directors of crypto neobank BlockFi.
“Just another step towards BlockFi’s mission of bringing financial products to crypto investors around the world,” tweeted Anthony Pompliano, founder and partner at Morgan Creek Digital.
Giancarlo headed CFTC in 2017 when Bitcoin futures made its debut on CME Group and Chicago Board Options Exchange (CBOE). He left office in 2019.
In early 2018, during his congressional testimony in which he advocated for a “do no harm” regulatory stance towards crypto assets, it earned him the title “Crypto Dad.”
Giancarlo is the first independent, non-equity holding director on BlockFi’s five-person board.
“As the adoption of digital assets accelerates, it is critical for the financial industry to consider how to adapt and integrate these innovations in a way that best serves investors and the broader economy,” Giancarlo said in a statement on Tuesday.
Crypto lender, BlockFi allows users to earn interest on their crypto assets and also offers Bitcoin Trust and is looking for Giancarlo’s guidance on regulatory developments and other initiatives.
The crypto unicorn managed over $15 billion in assets and reported just shy of $100 million revenue in 2020. Running toward generating $500 million in revenue this year, the company has grown its client base from 10k to 250k since 2019-end.
Founded in 2017 by Zac Prince and Flori Marquez, BlockFi is rumored to be planning for an initial public offering (IPO) in the second half of 2021, which was valued at $3 billion in its latest private funding round. Coinbase, the largest crypto exchange in the US, made its debut on Nasdaq at a valuation that briefly went to $100 billion.
“There are plenty of reasons a company like BlockFi might want a former high-ranking gov’t official like Chris Giancarlo on its board, & I’d guess one of them is preparation for an IPO. Great move,” tweeted Jake Chervinsky, General Counsel at Compound Finance.
Besides a move suggesting BlockFi gearing up for going public, this addition also underscores the ongoing demand for regulatory experiences in the crypto industry. Just yesterday, Binance.US tapped former acting OCC chief Brian Brooks as its new CEO.