The Smarter Web Company, the South West tech firm pioneering the adoption of Bitcoin payments, has appointed a former senior finance manager at a global leader in blockchain technology as its chief financial officer.
Albert Soleiman, who has joined Bristol-based The Smarter Web Company (SWC) with immediate effect, will also serve as an executive director of its board.
The firm said he brought more than 20 years’ financial and leadership experience to the role, having most recently served as chief financial officer at CMC Markets, the London-headquartered FTSE 250-listed firm.
While at CMC, which offers online trading in shares, spread betting, contracts for difference and foreign exchange across world markets, he played a key role in driving its diversification strategy, said SWC – notably leading the build-out of its investment platform and leading a strategic realignment of the business.
Prior to this, he held a senior finance position at Bitfury Group, the Amsterdam-headquartered global leader in full-service blockchain technology and Bitcoin (BTC) mining.
Two years SWC, which describes itself as combining creativity, technical expertise and a results-driven mindset, adopted a policy of accepting payment in Bitcoin, saying it believed the cryptocurrency would form a core part of the future of the global financial system.
Its directors consider it to be an appropriate store of value and growth for the company’s reserves.
CEO Andrew Webley said: “Albert’s extensive experience with public markets will be valuable as we continue to execute our growth strategy and deliver value to shareholders.
“His recent experience as CFO for a successful FTSE 250, market-leading financial services firm will be extremely valuable as we make progress on executing our strategy.”
Albert Soleiman added: “I am very excited and honoured to be joining such an innovative company that is on an impressive growth trajectory.
“I am looking forward to helping Andrew and the team build on the incredible achievements they have made to date and help SWC set the standard in BTC treasury.”
SWC’s existing chief financial officer, Mario Visconti, has stepped down as an executive director of its board with immediate effect, and will be moving to a newly created role within the company to help support it on its ongoing and future strategic projects.
Formed in 2009 and based on Bristol’s Aztec West business park, SWC specialises in web design, web development and online marketing services.
It has taken a pioneering adoption of a Bitcoin treasury policy into its strategy and already holds treasury reserves and surplus cash in Bitcoin.
Last week it said it was on the lookout for acquisition targets after raising £3.7m from a new share issue.
Blockchain is the underlying technology behind Bitcoin. Bitcoin mining is the process of adding new groups of transactions – known as blocks – to blockchain.
The UK financial regulator the Financial Conduct Authority (FCA) considers investment in Bitcoin to be high risk.