Rich Wheeless: A Strategic Leader

Rich Wheeless has been named the next chief executive officer of Netcapital, succeeding Martin Kay, who will continue to support the company as an adviser. The decision to appoint Wheeless is a strategic move to leverage his extensive experience in financial management and innovation.

Netcapital’s New Direction

Under Wheeless’ leadership, Netcapital is poised to explore the potential of crypto and blockchain-enabled investments. This shift indicates the company’s commitment to embracing cutting-edge financial technologies, which could reshape its market offerings significantly.

Rich Wheeless’ Diverse Experience

Before joining Netcapital, Wheeless served as the chief financial officer at Taal Distributed Information Technologies. His career also includes key roles at Rivetz, LaunchKey, and Pilus Energy, where he honed his leadership skills and financial acumen.

Moreover, Wheeless has held managerial positions at major corporations such as Johnson & Johnson and Cardinal Health. This diverse background equips him with the insights necessary to guide Netcapital through this transformative phase.

Why the Focus on Crypto and Blockchain?

The decision to delve into crypto and blockchain investments aligns with a broader industry trend towards decentralization and digital asset adoption. By leveraging these technologies, Netcapital aims to offer innovative solutions and capture new market segments.

Wheeless’ appointment as Netcapital CEO signals a strategic pivot that could greatly enhance the company’s competitive edge in the rapidly evolving fintech landscape.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

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Mike Novogratz, the founder of Galaxy Digital, has also hinted at the possibility of such prices this year, attributing this to the rising institutional investments and an increased craving for digital assets.

Bitcoin (BTC) is currently floating around its peak, trading at $108,698, merely $3,272 below its all-time high of $111,970 recorded on May 22, based on CoinMarketCap data. The selling pressure, as per Horsley, largely comes from early adopters who bought Bitcoin at significantly lower prices and are now cashing in on the landmark $100,000 level.

“It seems that at $100k, individuals who hold large amounts of Bitcoin bought a long time ago at very low prices are selling some,” Horsley stated. However, he believes this situation will be short-lived, and selling will decline as Bitcoin breaks new records.

Even before Bitcoin exceeded $100,000 on May 8, Glassnode, the onchain analytics firm, warned of older investors selling as the level was achieved.

Horsley further argued that Bitcoin holders who need funds in the future will devise alternative methods to leverage their Bitcoin without selling. “Eventually, when people need liquidity, they will resort to borrowing from an ever-increasing pool of lenders,” he said.

The potential tightening in Bitcoin supply has become a hot topic in the industry. There are signs of a dwindling supply among OTC desks, which handle large off-exchange transactions. Michael Saylor of Strategy voiced a similar view recently. On June 10, Saylor mentioned that around 450 Bitcoin are up for sale daily by Bitcoin miners, representing roughly $50 million at its current price. If that amount is bought, the price has to rise, Saylor concluded.

Please note that this article does not offer investment advice or recommendations. Investments and trading moves come with risks, and readers should undertake their own research before making a decision.

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Sarah Milby, the trade group’s policy chief, will assume the role of interim CEO until Mersinger officially takes the helm on June 2. Kristin Smith, the current CEO of the Blockchain Association, is stepping down this Friday to move to the Solana Policy Institute.

Both the CFTC and Mersinger’s office have yet to comment on the matter. The Blockchain Association, however, confirmed that Mersinger’s tenure at the CFTC will end on May 30.

Former President Joe Biden appointed Mersinger, a Republican, as a commissioner in 2022. She was among the potential candidates to lead the CFTC until former President Donald Trump chose ex-official and crypto executive Brian Quintenz as chairman. Trump, during his campaign, pledged to support the crypto industry and facilitate the adoption of digital assets.

In his first week in office, Trump established a cryptocurrency working group to suggest digital asset regulations. In March, he signed an executive order to create a federal bitcoin reserve. Now, the crypto industry is lobbying Congress to pass new regulatory rules for cryptocurrencies.

Last week, an effort to establish a regulatory framework for stablecoins, a crypto type linked to the U.S. dollar, fell through in the U.S. Senate. This setback has added new urgency to the industry’s push for legislative change.

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Last year, the TON blockchain saw a substantial increase in activity driven by Telegram-based mini apps and games such as “Notcoin” and “Hamster Kombat”. However, this momentum has since slowed.

Earlier this year, the foundation also appointed Manuel Stotz as president. Crown brings to the table a rich entrepreneurial experience, having co-founded MoonPay, a leading name in global crypto payments. As the CFO and COO of MoonPay, Crown played a crucial role in defining the company’s finance and operations, helping it grow into one of the largest crypto payment platforms globally. He has also successfully built strong ties with banks, payment companies, and regulatory bodies, solidifying MoonPay’s reputation as a trusted fintech leader.

Despite the slow growth, TON blockchain’s active user count exceeded 40 million over the past year, and the ecosystem now boasts 121 million “unique” Toncoin holders, as per the foundation’s claim.

In February, TON’s previous president, Steve Yun, started a $100 million fund called TVM Ventures, aimed at TON-based startups. He mentioned his expectation for TON to secure a significant portion of the stablecoin market in the coming years.

Last month, the TON Foundation announced that a consortium of venture capitalists, including Sequoia Capital, Ribbit, Benchmark, and Kingsway, had invested over $400 million in the Toncoin cryptocurrency.

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