1. Education is needed to help finance professionals understand Web3. Most CFOs at Web3 organizations have prior experience in financial operations, accounting, or similar roles but struggle to learn about Web3.
- 46% of Web3 CFOs indicated they had more than 3 years of experience in a finance or accounting role before joining a Web3 organization.
- Over 48% of CFOs at Web3 organizations said they did not have formal onboarding processes when they started.
- 55% said that knowledge of Web3 was one of the biggest gaps in their professional knowledge when they started as Web3 CFOs.
2. Financial Operations (FinOps) tooling in Web3 represents a tremendously underserved SaaS category. Existing payments, accounting, or enterprise resource planning (ERP) tools are illsuited to the needs of Web3 CFOs.
- When asked about the availability of FinOps tooling in Web3, over 41% of CFOs polled said it was “insufficient” compared to Web2.
3. Web3 CFOs are re-emphasizing self-custody of their organization’s digital assets.
- About 91% of Web3 CFOs indicated that over half of their organization’s digital assets and crypto treasury are held in self-custody today.
- Interestingly, most Web3 CFOs polled were already actively practicing self-custody. 59% of Web3 CFOs indicated that the risks of centralized crypto platforms led to a shift towards more self-custody.
4. Despite the challenges, Web3 CFOs are optimistic about the growing need for more finance professionals in the blockchain space.
- 64% of Web3 CFOs polled estimate that the demand for finance, accounting, tax, and audit professionals will grow over the next 12-24 months.