DCG announces new CFO amidst Gemini legal battle

DCG announces new CFO amidst Gemini legal battle

Crypto conglomerate Digital Currency Group (DCG) has announced the appointment of Mark Shifke as its Chief Financial Officer. 

The merger and acquisition specialist will take over the role formerly held by Michael Kraines, who stepped down in April, according to Reuters. 

Shifke has over four decades worth of experience in the financial sector, working as an executive at JPMorgan Chase and Goldman Sachs, before most recently heading up financial services company Billtrust as CFO.  

Founder and CEO of DCG, Barry Silbert said: “Mark brings deep finance and fintech experience, strategic vision, and overall presence as a leader to the role.” 

DCG, which is the parent company of CoinDesk, had been run on an interim basis since April by Chief Strategy Officer Simon Koster. 

Currently the company is at loggerheads with cryptocurrency exchange Gemini, the largest creditor of DCG’s bankrupt crypto lending firm Genesis and is now facing a legal battle. 

The Stanford-based operation lost $1.1B in 2022, amidst the plunging crypto prices and the restructuring of its now defunct Genesis firm. 

Elsewhere in the Crypto space, Alchemy Pay, a trailblazer in fiat-crypto payment gateways, has entered into a strategic alliance with Checkout.com, a celebrated global digital business payment processor.

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