Blockchain.com’s Chief Financial Officer (CFO) Macrina Kgil continues to lead the company through a number of financial moves that make it well-positioned to go public in the future.
In 2018, Kgil was named the first CFO of Blockchain.com, one of the world’s leading cryptocurrency companies. Since then, she has assisted the company with financial operations aimed at positioning the company for an IPO.
One of Blockchain.com’s recent events was the acquisition of Artificial Intelligence Exchange (AiX) in March 2021. AiX is a London-based company that used artificial intelligence to develop a chatbot that is used to negotiate over-the-counter (OTC) trading can be.
The terms of the deal were not disclosed, although the company said the acquisition should bolster its institutional offering. AiX employees include several former Goldman Sachs and JP Morgan executives.
Blockchain.com Co-Founder and Chief Executive Officer Peter Smith stated that the AiX transaction will add engineering, trading and operations expertise to the company’s business model. It’s part of a strategy, Smith notes, that aims to expand its product line, grow its customer base, and explore mergers and acquisitions to generate new ideas within the company.
The Aix acquisition follows a $ 219 million ($ 123.5 million) financing round. The previous Series C funding round included investments from DST Global, Lightspeed Venture Partners and VY Capital with other participating investors.
Positioning Blockchain.com for a successful IPO falls within Macrina Kgil’s expertise.
Kgil was CFO when Springleaf Holdings, now known as OneMain Holdings, went public. Springleaf acquired OneMain from Citigroup and Kgil was responsible for building a team of 100 in the finance and accounting departments. Her team oversaw debt capital market transactions, acquisitions and disposals.
Macrina Kgil led the company from $ 3 billion in core assets to more than $ 14 billion after her retirement.
Macrina Kgil’s years of financial management experience
From 2008 to 2012, Kgil worked for the private equity business of Fortress Investment Group. She has served as an in-house financial and accounting advisor and has played a leading role in acquisitions and capital markets transactions while working closely with the financial managers of each portfolio company.
Macrina Kgil holds a degree in Mineral and Petroleum Engineering with a minor in Chemical Technology from Seoul National University. She started working for the Seoul office of PricewaterhouseCoopers, the multinational accounting and consulting firm. She ended up working in Seoul and New York City for the company’s global capital markets group, advising clients on IPOs, government bonds, corporate spin-offs and complex accounting matters.
Blockchain.com is one of the world’s most popular services for users to buy, trade, store and use cryptocurrency. It has more than 31 million verified users and has processed over $ 800 billion in transactions since its inception in 2011. Users have created more than 73 million wallets and the company operates in over 200 countries. A third of all Bitcoin network transactions worldwide are processed by Blockchain.com.
In recent years the company has launched a number of new initiatives to position itself for an IPO. In September 2018, Blockchain.com launched an over-the-counter trading table that allows users to facilitate large trades outside of the public cryptocurrency exchanges.
The company also gave away cryptocurrency to build its customer base and maintain loyalty after it launched an initiative to donate $ 125 million in Stellar Lumens (XLM). Users were required to pass Know Your Customer (KYC) exams by verifying their identities when signing up for or signing into their accounts.
The company has also launched a hardware wallet through Ledger. It enables users to securely store cryptocurrency assets offline.