Crypto and Blockchain Remain Relevant in Finance
Irina Berkon, CFO of Metallicus, recently addressed attendees at Consensus 2025 in Toronto, emphasizing the ongoing importance of cryptocurrency and blockchain technology in the financial sector. Amidst the growing focus on artificial intelligence, Berkon highlighted that significant advancements are occurring in crypto infrastructure, and financial leaders should pay attention. With her experience at a company that develops blockchain solutions for everyday treasury management, she presented a compelling argument for why this much-discussed technology is starting to find its rightful place in finance. In a recent discussion, Berkon elaborated on how Metallicus employs blockchain for enhanced control, her approach to navigating a rapidly evolving market, and why the current phase of crypto could bring more reliability and value than ever. She also recounted her distinctive journey into the crypto industry and her insights on the future workforce in accounting.
Integrating Blockchain in Financial Operations
During her talk at Consensus, Berkon shared insights on merging traditional finance with blockchain applications. She confirmed that Metallicus not only provides blockchain services but also utilizes these technologies internally. Just prior to their conversation, she referred to a real-life example of utilizing blockchain for treasury management and asset control. The company oversees multiple crypto wallets, one of which employs a multi-signature blockchain wallet feature. Berkon explained that she had recently requested a transaction that required multiple sign-offs before any funds could be moved. This process ensures that until all necessary approvals are granted, the funds remain secure and inaccessible to any single individual. The multi-signature requirement not only boosts security but also mitigates potential reconciliation challenges, highlighting the need for robust treasury management similar to that seen in traditional banking environments.
Forecasting in an Evolving Financial Landscape
When discussing the complexities of forecasting in a landscape that combines traditional finance with crypto and blockchain, Berkon emphasized the importance of listening to their clientele, mainly composed of financial institutions like credit unions and community banks. She noted that, from a revenue perspective, Metallicus operates similarly to a conventional B2B software firm. Her focus lies in product offerings, pricing, and revenue implications, with the key distinction being that their technology is rooted in blockchain and related to cryptocurrency.
Responding to Cryptocurrency Volatility
Addressing the inherent volatility of cryptocurrencies, Berkon stated that their approach mirrors how any organization would manage fluctuating assets on their balance sheet. As a crypto-focused company, they maintain a higher proportion of crypto assets compared to cash, reflecting their deep understanding and belief in the technology. They are well-equipped to manage this exposure, which they monitor closely. However, their forecasting and financial strategies are primarily influenced by customer needs. Decisions regarding cryptocurrency investments are collaboratively made by Berkon and CEO Marshall Hayner, with support from their board.
The Shifting Narrative Around Blockchain Technology
Berkon reflected on the past when blockchain was perceived as a panacea for financial challenges, contrasting it with the current dominance of AI in discussions. She expressed that previous enthusiasm lacked genuine commitment or tangible actions, yet her company has been proactive in engaging with banks and regulators to foster understanding. Berkon noted a notable shift, as now smaller credit unions and community banks are expressing readiness to adopt blockchain. This change contradicts common assumptions; current interest levels are higher than ever, driven by a more favorable regulatory climate and a consolidation of serious players in the industry, leaving behind those who lacked the capacity to deliver.
Transitioning from Public Accounting to Crypto
Berkon shared her unique entry into the crypto sphere, which began with an unexpected encounter in San Francisco. While walking, she was approached by an entrepreneur who invited her to serve as CFO for a company planning an initial coin offering (ICO). Although unfamiliar with ICOs at the time, she quickly adapted to the evolving demands of the role, transitioning from a public accounting background to one focused on business development and marketing. This opportunity took her on a global journey to promote their product at various conferences.
The Evolution of Compliance in the Crypto Sector
Reflecting on her tenure with Metallicus, Berkon noted that the crypto industry has matured beyond initial hype. A significant compliance framework is now in place, distinguishing the sector from its earlier, more speculative phase. Real products are being developed, and major financial institutions are beginning to implement these innovations, marking a shift towards infrastructure development. Despite the seriousness of the work, Berkon mentioned that fun elements remain, citing her connections to the meme culture through her CEO’s involvement with the Dogecoin Foundation.
Addressing the Talent Shortage in Accounting
Berkon discussed the ongoing challenge of attracting talented individuals to the accounting profession, particularly in light of the growing allure of blockchain and AI. She expressed concern that many young professionals expect lucrative opportunities to come effortlessly. Her observations in the crypto sector reveal that numerous individuals hold CFO titles without a solid understanding of finance. While firms must offer competitive compensation to retain talent, she stressed the importance of hard work and foundational knowledge in securing high-level finance roles. Berkon believes that the discipline gained from experiences in public accounting is crucial for preparing future leaders in finance, advocating for more engagement and exposure opportunities that can inspire young professionals.
