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Commonwealth Bank CFO quits, joins EOS cryptocurrency as COO

CBA 450

CBA executive Rob Jesudason has abruptly signed on with the controversial EOS cryptocurrency team.

After less than a year in the role, Commonwealth Bank chief financial officer Rob Jesudason has resigned. His next stop is Hong Kong and, the firm behind the EOS cryptocurrency, where he will be chief operating officer.

"Blockchain will have a transformative impact on most industries in the coming years and will redefine operating models by streamlining businesses, while also reducing cost and risk," Jesudason said. "’s technological innovation enables fast, low-cost, and scalable blockchain performance and is laying the groundwork for mass adoption of these new technologies."

Jesudason reportedly informed CBA of his decision last Friday. He might be the latest in a long line of bank executives making the switch to cryptocurrency.

"Rob has a proven track record of success in global financial services, where he has been involved in industry innovation and facilitated regulatory advancement enabling the adoption of new technologies," CEO Brendan Blumer said in a statement. "His alignment with our organizational priorities of creating compliant, high performance blockchain solutions, is an ideal fit for, and is an exciting conclusion to our thorough search for the right individual."

The EOS cryptocurrency is currently operated as an Ethereum-standard "ERC20" token on the Ethereum blockchain, but will be launching its blockchain in June. It has grown immensely in the lead up to this "mainnet" launch, in both market cap and team members.

Jesudason's appointment as COO might give an air of legitimacy to the sometimes-controversial EOS coin, as well as the talent needed to successfully launch the project and promote adoption in a compliant way.

EOS might be best known in the public consciousnesses for getting lampooned by comedian John Oliver, but EOS' impending launch might shake up the cryptocurrency space if it goes as planned. Its name isn't an acronym, but some have dubbed it "Ethereum on steroids" for its intended smart contract functionality, scalability and ease of use, and it might be one of the more advanced "Ethereum killer" type coins in existence.

Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VEN, XLM, BTC, NANO

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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