Dive brief:
- Former Visa CFO Vasant Prabhu has joined the advisory board of blockchain and cryptocurrency security platform Fireblocks, the company announced in a press release on Wednesday.
- Credit card network alum takes board seat as interest in broader cryptocurrency space, President Donald Trump takes multiple actions to create a friendlier relationship with the industry at start of his second term. The move also comes as the company, which offers a secure platform for digital asset transactions, seeks to bridge the gap between blockchain and the traditional financial space – a goal where Prabhu’s past experience will come into play. a key role, the company said.
- “With its unrivaled experience scaling global payments networks and leading public companies, Vasant brings a unique perspective that perfectly aligns with Fireblocks’ vision,” Fire Blocks CFO Michael Levine said at about the appointment in a press release sent by email to CFO Dive. “Visa is the gold standard for networks, and as we build the Fireblocks network, Vasant’s expertise will be invaluable in shaping our next phase of growth.”
Diving Insight:
Prabhu – who previously served as Visa’s CFO and vice chairman for eight years, leaving in 2023 – currently serves on the board of directors for companies including software services provider and tax services, Intuit, Delta Airlines, consumer health company Kenvue and the Brookings Institution. His former CFO roles also include a stint as head of finance for NBC Universal, Safeway and Starwood hotels, according to his LinkedIn profile.
“The payments landscape is at a critical inflection point, and blockchain technology is the engine driving this transformation,” Prabhu said in a statement included in Wednesday’s release. Fireblocks is targeting continued expansion as it sees an increase in payment volume, reporting institutional transactions increased by 85% year-over-year in 2024, according to its release.
With Prabhu, the digital assets platform gains a veteran of a major credit card network player in traditional financial markets at a time when cryptocurrency companies are looking to establish higher trust and credibility .
It also comes amid a flurry of action in President Donald Trump’s first week, with some focused on the cryptocurrency market. The president pledged to take a friendlier approach to the industry, which has struggled to establish itself as a legitimate alternative to traditional finance amid challenges over its volatility, security and concerns over its use for fraud or money laundering.
Among other moves, Trump has tapped cryptocurrency advocates for key roles, including leadership of the Securities and Exchange Commission – appointing crypto lobbyist Paul Atkins to serve as SEC chairman, following the departure of Gary Gensler, a CFO Dive reported previously. As Atkins awaits Senate confirmation, Trump on Tuesday nominated friendly commissioner Mark Uyeda to be acting president.
In a separate statement on Tuesday, the SEC also announced that the creation of a “crypto working group” will be led by colleague Hester Peirce – who, alongside Uyeda, often dissents on crypto-related decisions from the agency under the leadership of Gensler, CFO Dive previously reported previously previously reported previously previously previously previously previously previously previously previously previously previously previously previously previously previously previously previously previously previously reported previously previously previously previously previously previously previously reported previously previously previously previously previously previously previously reported previously previously previously previously previously previously previously previously previously reported previously previously previously previously previously previously previously previously previously reported previously previously previously previously previously previously previously previously previously reported previously previously previously previously previously previously previously previously reported previously previously previously previously previously previously previously previously previously previously reported previously previously previously previously previously previously previously reported previously previously previously previously previously previously. Gensler, who was often criticized by Republican politicians for his aggressive crypto enforcement, officially left his role on Monday.
However, some of Trump’s actions surrounding crypto have already created pushback among critics, who worry some of the president’s decisions could harm, rather than help, the industry’s much-needed credibility. In a move that sparked praise and criticism, for example, Trump fulfilled a campaign pledge by issuing a full pardon to Ross Ulbricht also on Tuesday.
The founder of Dark Web Marketplace Silk Road, who used cryptocurrency for illegal drug sales, Ulbricht was convicted on seven charges, including narcotics distribution, in federal court and has been serving a life sentence since 2015, according to a CNBC report.
“I just called Ross William Ulbricht’s mother to let her know that in honor of her and the libertarian movement, which has supported me so strongly, I was pleased to have signed a pardon complete and unconditional love of his son, Ross,” Trump wrote in a Tuesday post on Truth Social. “The scum who worked to convict him were among the same madmen who were involved in modern weaponizing the government against me.”
The story headline has been updated to reflect that Vasant Prabhu has joined the Fireblocks advisory board.
