Incoming Web3 CFOs Say They’re Overwhelmed by Steep Learning Curve

Incoming Web3 CFOs Say They’re Overwhelmed by Steep Learning Curve

It can be challenging for experienced CFOs in traditional industries to leap Web3. According to a report published Monday by Request Finance, the clear majority lack internal support when it comes to the necessary crypto training at Web3 and has more than three years of experience in a finance or accounting role. But 63% of these executives cited gaps in their knowledge of crypto, DeFi, or other blockchain technologies as one of the biggest drawbacks when they started. The company spoke to approximately 250 CFOs and COOs from Web3 companies such as Ledger and Superfluid.

Over 99% said they had no formal onboarding processes in place when transitioning from traditional industries to crypto roles. Anonymous executives cited in the report said they relied on self-learning and “years of arduous trial and error.” 1, Layer 2, and zero-knowledge proofs. Understanding new decentralized applications and integrating them into their workflows was another big challenge. “Working full-time in crypto is 9-12,” Simon Ho, COO of Australian cryptocurrency exchange Coinstash, said in a statement. “There is so much to learn.

Incoming Web3 CFOs Say They’re Overwhelmed by Steep Learning Curve

Reacting to industry collapses Some industry observers predict a shift towards self-custody following the collapse of centralized cryptocurrency lenders and exchanges. Celsius filed for bankruptcy in July, and cryptocurrency exchange FTX followed suit last month after filing bankruptcy. Arculus said it’d seen a surge in sales given the recent volatility but declined to give specific numbers. Digital asset access provider Wellfield Capital expects revenue to surge as markets move from centralized exchanges to decentralized services and self-custody.

According to Request Finance’s report, some 97.5% of Web3’s CFOs said more than half of their organization’s digital assets and crypto treasury are now self-custodial. %, indicating that recent crypto platform implosions have led to such a change. Nevertheless, according to the survey, most participants believe that cryptocurrencies will eventually recover. “The long-term price outlook remains positive as 71% of investors say they expect digital asset valuations to rise over the long term.”

Share to Social Media

Recent Articles

Join Our Newsletter