Former managing director of JPmorgan appointed CEO of the Algorand Foundation

Former managing director of JPmorgan appointed CEO of the Algorand Foundation

Staci Warden has worked in the public sector, in the private sector and in a non -profit organization. Now she joins the Algorand Foundation as CEO.

By using the Algorand Protocol and the open source software, the Algorand Foundation tries to create an open, public and free-free blockchain.

WARTEN joined the board of the Algorand Foundation in September. She will replace Sean Lee, who has been a CEO for the past 18 months and explores career opportunities outside the company.

entry into crypto

WARDEN dealt with crypto for the first time during her time at the Milken Institute, where she headed the organization's global market development practice.

While she was working at the non -profit organization, she was commissioned to be available to the press as a resource for financial education, and in 2013 people became curious about Bitcoin.

WARTEN has set itself the task of better understanding the digital asset and the technology behind it, she said Blockworks and listened to industry pioneers such as Gavin Andresen and Brock Pierce in her free time.

"I thought it was really the most amazing thing I ever encountered," she said.

"I found the idea of ​​the proof-of-work behind Bitcoin and the idea that you could have a well-functioning money supply dynamics in a trustless environment."

Later she discovered Ethereum and the idea of ​​programmable money without intermediate traders.

"I think it hit me particularly hard because I had so much experience in developing and emerging countries, where financial intermediaries do not work very well and where they can really be looking for pensions for people who only try to save money, invest properly and make their lives better," said War?

In the course of her career, Warden has focused on the development of the capital markets and financial inclusion, especially in developing countries.

Before she worked at the Milken Institute from 2013 to 2021, she was an Executive Director at JPMorgan for eight years. There she headed the department for the company's public sector in Europe, the Middle East and Africa and focused on improving the capital markets in emerging countries.

Before her time at JPMorgan, she worked as an international economist in the US Ministry of Finance and then at NASDAQ, where she headed two markets for micro-cap companies.

After Warten had learned something about crypto at the Milken Institute, he wrote for the publication of the organization about crypto and blockchain.

"Basically it may be the answer to financial inclusion, and that is very important to me," she said about the industry.

"If you are in a think tank ... don't play exactly the game; you watch more and try more to shape the game, and I think I have decided to stand on the field."

outlook for Algorand

With an estimated 1.7 billion people worldwide who have no access to financial resources, Warten argued that the Algorand protocol is best equipped with its speed, security and decentralization to tackle this problem on a large scale.

"Staci knows the potential of Algorand to become a dominant Layer 1 blockchain, and it has the experience and expertise to promote our global efforts to scale and offer our community an outstanding value," said Kieron Guilfoyle, CEO of Algorand Foundation. "I know that she won't lose time to put the Algorand Foundation into its expansion phase."

WARDEN found that the transaction fees are 0.001 ALGO and the blockchain processes are 1,000 transactions per second.

The current market capitalization of Algorand's local currency ALGO is almost $ 7 billion, according to Coingecko and is the 25th largest in front of Bitcoin Cash (BCH).

The competing blockchain Solana processes more than 2,000 transactions per second according to the Blockchain website at a price of $ 0.00025 per transaction.

Algorand and Solana have become some of the Layer 1 alternatives to Ethereum, which have speeds of 15 transactions per second and higher costs. An upgrade of the network expected in a few months includes a change from the proof-of-work consensus mechanism to the proof-of-stake, and another upgrade in the course of this year is planned to scale its capacity per second a method called Sharing.

"I think I have the best product and the product is not well understood and not very appreciated and not known," said Warten.

She intends that the Algorand Foundation is investing more resources in marketing and communication by quadruing the size of its community team and expanding its developer relation unit.

In addition, the structure of the algorand ecosystem in the course of the accelerating growth of crypto payment platforms, Defi and NFTS will be of crucial importance, said Warten. This includes ensuring that Algorand is in containers that are offered by custody providers and part of bridges and oracles.

"We absolutely have to concentrate on it and draw liquidity and the best developers and the smartest entrepreneurs lure into the Algorand ecosystem and our layer 1 so that we can help you build this ecosystem," she added. "In the long term, it will be a game in the real world that ensures that we are level 1 that Wallets use for payments in the real world."

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The post "Former Exec from JPMorgan to the CEO of the Algorand Foundation" is not a financial advice.