A credit rating startup Synnax has hired former Fidelity International head of digital assets to guide its commercial strategy.

Synnax, an artificial intelligence-powered financial platform designed for credit analysis and ratings, has hired former Fidelity International head of digital assets Luc Froehlich as its new chief commercial officer to lead the firm’s commercial strategy and operations.

Before joining Synnax, Froehlich led Fidelity International’s venture focused on digital and tokenized assets as top manager for seven years. In February, Froehlich also joined Layer N, an Ethereum-based roll-up network to its advisory board.

“Credit markets, particularly private credit, have boomed over the past few decades. In contrast, the risk assessment toolkit has lagged, transparency is still lacking, and conflict of interest remains. By leveraging advanced encryption, we can now harvest the computing power of a broad network of AI models to deliver credit intelligence.”

Luc Froehlich

Synnax CEO Robert Alcorn says Froehlich’s expertise in credit markets will help the firm to work towards its mission of providing a “more trustless and privacy-preserving framework for institutional credit assessment.”

“His [Froehlich’s] appointment is also timely as we prepare to release our first public model.”

Robert Alcorn

Founded in 2023 by Robert Alcorn and Alessio Quaglini, Synnax leverages machine learning algorithms and big data analysis to provide credit evaluations for both on-chain and off-chain markets. The platform leverages the SYNAI token as a means of payment for Synnax services and as a tool to incentivize and reward data scientists for their contributions. Thus far, the firm raised $1 million from 13 investors, according to data from PitchBook.