itBit, a financial services company leveraging traditional capital markets infrastructure and blockchain technology, today announced the appointments of Daniel “Danny” Alter as the company’s new General Counsel and Chief Compliance Officer, and Kim Petry as Chief Financial Officer. itBit was the first regulated bitcoin exchange able to accept customers across the United States. Back in July, itBit introduced their Global OTC Agency Trading Desk, a boutique service that specializes in facilitating large transactions over 100 bitcoins.
Alter and Petry bring significant regulatory and financial management experience to itBit’s management team. Alter joins itBit after stepping down from his most recent post as General Counsel of the New York State Department of Financial Services (NYDFS) in February of this year, where he served as principal counsel and strategic adviser to the New York State Superintendent of Financial Services. Petry was previously CFO of Global Operations and Technology at Broadridge Financial Services and, before that, served as CFO and Vice President of Global Commercial/Corporate Card Payment at American Express.
“Between Danny’s deep expertise in financial services and virtual currency regulation and Kim’s demonstrated track record as a successful CFO of global financial organizations, I’m confident that itBit will continue to grow and develop innovative blockchain-based solutions to address the financial industry’s greatest pain points,” said Chad Cascarilla, Co-Founder and CEO of itBit. “Danny and Kim possess a deep understanding of how to grow and run a successful business within the regulatory framework of the financial services industry, and their expertise will be invaluable as we work toward the launch of our new permissioned distributed ledger product – Bankchain.”
itBit’s CCO and CFO appointments are the latest in a string of recent high-profile additions to the company’s leadership team. Earlier this month, Jim Manzi, former Chairman and CEO of Lotus Development Corporation, was named to itBit’s Board of Directors, and Ed Giorgio, a 30-year veteran of the National Security Agency, to the company’s Advisory Board. Sheila Bair, former Chairman of the FDIC, Senator Bill Bradley and Robert Herz, former Chairman of Financial Accounting Standards Board, joined itBit’s Board of Directors in May of this year, announced in conjunction with itBit’s trust charter and successful closing of $25 million in Series A funding.
Prior to joining itBit, Danny Alter spent three years as General Counsel to the NYDFS, advising the department’s regulatory oversight of issues regarding state, national, and international banking, insurance, capital markets, real estate finance, and consumer protection issues. During his tenure, Alter also helped direct the agency’s initiatives in areas including anti-money laundering and international sanctions enforcement, virtual currencies regulation, reform for independent consulting firm practices and the global investigation into FX rate manipulation. Prior to his time with the NYDFS, Alter served as Senior Advisor & Special Counsel to the New York State Attorney General co-directing an investigation into mortgage back securities fraud and working on telecommunications and anti-terrorism matters. Previously Alter was the Director of the Litigation Risk Strategies and Finance Group at Credit Suisse where he served as chief risk analyst. Alter is a long-time veteran of public litigation, and spent the majority of his early career with the United States Attorney’s Office working on issues including civil rights enforcement, civil litigation, copyright law, employment discrimination, constitutional claims and torts. He holds a B.A. from Columbia College and a J.D. from Yale Law School.
Kim Petry joins itBit from her post as CFO of Global Operations and Technology at Broadridge Financial, where she helped manage all aspects of finance across the firm’s global business. Prior to that, she served as the CFO and Vice President of Global Commercial/Corporate Card Payment at American Express, leading a team of over 150 financial professionals globally, supporting a business with over $4 billion in revenue. She previously held top corporate finance positions at TIAA-CREF and US Trust Corporation/Schwab Corporation. Petry received a degree in accounting from Adelphi University and an M.B.A. in finance and international business from New York University.
For the official announcement, click here.