Crypto lending firm Celsius appoints new CFO

Celsius Network LLC, a cryptocurrency lender, has hired the former chief financial officer of Royal Bank of Canada to become its new chief financial officer.

Rod Bolger, who left Canada’s largest bank in September after five years as chief financial officer, officially started working at Celsius, based in Hoboken, New Jersey, on Monday.

Mr Bolger succeeds acting chief financial officer Roni Cohen-Pavon, who came after former chief financial officer Yaron Shalem was named to Israel in connection with a police investigation into money laundering.

Rod Bolger is Celsius Network’s new CFO.


Celsius Network

Mr. Shalem had been chief financial officer for 10 months, according to his LinkedIn profile. Celsius suspended it in November and said no company assets had been misplaced or mismanaged. The company declined to comment beyond its previous statement.

Celsius holds over $20 billion worth of cryptocurrencies, including bitcoin. Although not a bank, the company emulates many of the services offered by traditional financial companies. Celsius accepts crypto deposits, lets people borrow US dollars against their holdings, and offers depositor returns of up to 17.85%, depending on the currency.

It is part of the decentralized finance, or DeFi, industry where companies offer financial services on public blockchains.

Celsius has also invested in cryptocurrency miners, including Rhodium Enterprises Inc. and Luxor Technology Corp., in an effort to diversify its revenue streams.

The private company raised $750 million in a Series B round of funding in November from investors including San Francisco-based investor WestCap Group LLC and Caisse de depot et placement du Quebec, one of of Canada’s largest pension funds, earning it a valuation of $3.5 billion.

Bolger will be responsible for guiding the crypto lender through its next phase of growth, said Celsius chief executive Alex Mashinsky. “His seasoned experience as CFO of one of the world’s largest banks will be critical to our commitment to staying compliant with new regulations as we evolve, and reinforces our commitment to our customers by delivering a world-class experience. on our platform,” M. said,” Mashinsky said in a statement.

Mr. Bolger is the latest executive that Mr. Mashinsky has hired to bolster the ranks of Celsius. The company appointed a new chief operating officer and chief investment officer in January, seeking to develop the company’s infrastructure, governance and management practices.

Although the SEC has not announced any major actions against major crypto exchanges, the commission has threatened to sue companies offering crypto loans. The WSJ’s Dion Rabouin explains why this part of the crypto market has received such a strong reaction. Photo: Mark Lennihan/Associated Press

Mr. Bolger said he joined the firm because he was interested in how quickly technology and services in financial services were developing and wanted to help provide a governance and financial framework for services. which have not yet been fully integrated into the financial system by regulators. .

Celsius plans to eventually go public, Bolger said. In the meantime, he expects the learning curve to be steep, albeit rooted in familiar ideas, he said.

“It’s about helping customers earn money, move money and exchange money. These concepts are second nature to me,” Bolger said.

The Caisse declined to comment on the rental, and WestCap did not immediately respond to a request for comment.

Write to Vipal Monga at [email protected]

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Troy M. Hoffman