Digital Currency Group Hires Mark Shifke as CFO; Q2 Revenue Surges

cryptonews.com:

Digital Currency Group (DCG), the crypto conglomerate led by Barry Silbert, has appointed Mark Shifke as its new chief financial officer (CFO). 

Shifke previously served as CFO at Billtrust and Green Dot, as well as holding positions at JPMorgan Chase & Co. and Goldman Sachs Group Inc, Bloomberg reported Monday.

Shifke replaces former CFO Michael Kraines, who left in April after two years.

The new appointment comes as DCG has been undergoing significant changes in recent months, including the closure of several subsidiaries such as TradeBlock. 

It is also reportedly close to finalizing a deal to sell its media property, CoinDesk, to a syndicate of investors. 

Additionally, bankrupt crypto exchange FTX and now-defunct crypto lender Genesis have recently come to an agreement to settle their disputes within their bankruptcy cases.

The agreement was disclosed in a letter submitted by their legal representatives to the US bankruptcy court for the Southern District of New York on Thursday.

"The Parties have reached an agreement in principle, subject to documentation, regarding a settlement that would resolve, among other things, the claims asserted by the FTX Debtors against the Debtors in these Chapter 11 Cases and the claims asserted by the Genesis Debtors against the FTX Debtors in the FTX Chapter 11 Cases," the letter said. 

Despite these challenges, DCG reported impressive second-quarter financial results in its shareholder letter. 

The company posted revenue of $216 million, a 17% increase from the previous quarter, according to the report. 

However, DCG also reported a consolidated quarterly loss of approximately $79 million, primarily due to a one-time counterparty default expense at Genesis.

DCG's second-quarter shareholder