The CFO of a prominent Australian bank has announced that he is leaving the financial institution to take a job in the field of cryptocurrency. Rob Jesudason tendered his immediate resignation as CFO of Commonwealth Bank of Australia on May 14, 2018. Jesudason has been tapped to become the CFO of Block.one, a software firm that specializes in blockchain technology.
The news comes as a blow to the CBA. Jesudason had only been serving as the CFO of the bank for a year, and some speculate that his departure could have something to do with troubling allegations that have been made against the CBA. The bank stands accused of violating anti-money laundering laws, and more than half of its senior executives have left the company. Jesudason's departure is particularly troubling because of his vast experience in regulatory advancement.
Jesudason has carved out a stellar reputation in finance, something that Block.one hopes to take advantage of.
The software company believes that Jesudason has the necessary experience with emerging technologies to boost the development of Block.one's EOS.IS platform. The blockchain platform functions similar to an operating system, and it can be used to create decentralized apps. An ICO to fund the development of the software began in June 2017 and will conclude in July 2018. The EOS token has already become one of the top digital assets by market capitalization, raising $12 billion in its token sale.
Jesudason will assume leadership of Block.one immediately with the official title of COO and Group President. The move has already had an impact on some Australian markets, and it could provide a further boost to the popularity of the EOS token. Such a move could help to instill confidence in the viability of so-called altcoins, and it could have an impact on the market value of the EOS token.