Celsius CFO Says Trust, Controls at Center of Effort to Scale Crypto to New Users

The pace at which the cryptocurrency market landscape changes and the tempo at which decisions must be made can create a dynamic environment for a chief financial officer (CFO).

“Or course, the spirit of innovation and the adventure of being at the forefront of this industry is fun to be a part of as well,” Celsius CFO Rod Bolger told PYMNTS.

Bolger’s appointment as CFO of the global cryptocurrency lending and borrowing platform was announced Feb. 22. Most recently, Bolger had served as CFO at Canadian bank RBC. Prior to that, he was with Bank of America, Citigroup and PWC.

“I feel my experience across several leadership roles in traditional finance puts me in a unique position to help Celsius navigate this evolving world of the future of money,” Bolger said.

Providing an Asset Class for Anyone

Bolger said he wanted to be part of that journey because crypto has the potential to be the platform for the masses for years to come. The rapid deployment of capital into crypto is evidence of that.

“This is an asset class that can reach hundreds of millions of people and empower them to create wealth regardless of socioeconomic status or geographic location,” Bolger said. “These fundamentals make mass adoption inevitable in the long run.”

At the same time, the rate at which this happens and the kind of future crypto has will be determined by choices made by traditional financial institutions (FIs), lawmakers, consumers and the broader blockchain community.

In addition to crypto’s role as a store of value, investment and potential inflation hedge, it has the potential to do more as well. Bolger said glimpses of a future where crypto is more common for everyday transactions can be seen in El Salvador and New York City, and many future transactions may take place in virtual reality and the metaverse.

“In that sense, cryptocurrency is really part of a fundamental rethinking about the ways we organize and experience our world,” Bolger said. “What’s most exciting, though, is the potential that cryptocurrency provides as an asset class for anyone to carve their path to financial freedom.”

Making Crypto Offerings Easier to Use

Bolger said he doesn’t see the potential of the Federal Reserve going ahead with its own central bank digital currency (CBDC) as a competitor for other cryptos, and that it may accelerate the journey toward the future of money.

Celsius itself is working to make crypto accessible to everyone by making crypto offerings easier to use without in-depth knowledge of the blockchain. So, for example, its app is designed to be easy to navigate and understand, so those who have crypto can see the rewards they earn every Monday and those who apply for a loan can do so without friction.

“It may sound obvious but it’s worth noting: The next 100 million crypto users probably don’t think like the enthusiasts who got things started,” Bolger said.

Education and financial literacy around crypto and how it can help people is another requirement for growing the industry. To that end, Celsius CEO Alex Mashinsky engages with the crypto community online and hosts weekly Q&As on the company’s YouTube and Twitter channels.

In his new role as CFO at Celsius, Bolger himself will contribute to the growth of both crypto and the company by helping Celsius make the bridge from traditional finance to the blockchain secure, scalable and simple, which will build trust.

“That is and will be my focus at Celsius — implementing financial controls to keep client assets safe while enabling us to scale,” Bolger said.