Algorand Foundation Hires WhatsApp and Nike Exec
- The Algorand Foundation has recently hired former WhatsApp and Nike executive Jessica Tsai Chin to lead its marketing efforts.
- Chin stated that she was drawn to a role in the crypto industry due to her interest in privacy and digital identity.
- Chin has already hired a head of performance after handing over her responsibilities.
- She is also looking to add a head of communications and a creative director to her team.
The organization behind the proof-of-stake blockchain cryptocurrency Algorand, the Algorand Foundation, has recently hired former WhatsApp and Nike executive Jessica Tsai Chin to lead its marketing efforts.
During a recent interview with The Block, Chin stated that she was drawn to a role in the crypto industry due to her interest in privacy and digital identity.
“Many web2 companies are having a difficult time embracing the concept of decentralization and data ownership, but there’s a huge opportunity to move in this direction. I believe data privacy needs to be built-in by design and on by default,” she stated.
Chin, who had previously headed the global privacy unit at the Meta-owned messaging app WhatsApp, is joining the cryptocurrency world in these times of uncertainty. The failure of key players in the industry, particularly cryptocurrency exchange FTX and hedge fund Three Arrows Capital, has shaken the market. Notably, renowned crypto lender Genesis is the latest to join the list of companies that have filed for bankruptcy this crypto winter.
While the general non-crypto public has a negative impression of digital assets at the moment, Chin sees this period of turmoil as an opportunity to transform how web3 companies market themselves.
“Web3 marketing needs to truly lead the charge. We need to move away from pure hype marketing and move towards a much more authentic, community and human-centered place, boldly leveling the playing field of who gets access to what,” said the former WhatsApp executive.
Recall that regulators and advertising watchdogs around the world generally criticize cryptocurrency companies for their current marketing strategies, alleging that they employ unrealistic promises of future returns to attract customers.
Chin believes that the Web3 space has not yet widely highlighted the underrepresented voices to drive discussions related to inclusion and representation.
With the Algorand Foundation, she aims to benefit from the current market situation by featuring such strategies as:
“Both at Meta and Nike, I had the opportunity to feature underrepresented voices and partner with meaningful organizations to drive visibility. Everything we did drove brand and business impact but also on-the-ground impact for the communities that we serve. The web3 space is ripe for this type of conversation and real-world application.”
Chin has already hired a head of performance after handing over her responsibilities, and she is also looking to add a head of communications and a creative director to her team.
It is interesting to note that Algorand gained massive popularity because of its partnerships in the sports industry. For example, FIFA launched its digital collectibles project on the Algorand blockchain for the World Cup in November 2022. According to data from CryptoSlam, the collection has sold more than $400,000 in total to date, but interest in it has dropped in the weeks since the event.
While sports will continue to play a significant role in Algorand’s marketing strategy, according to Chin, she will also place a strong emphasis on promoting DeFi and social impact projects developed on the blockchain.
As per a recent report from Bitnation, Algorand announced a new upgrade to its protocol, introducing ‘State Proofs’ which aim to boost its transactions per second (TPS) from 1,200 to 6,000 and enable trustless cross-chain communication. State Proofs are “an interoperability standard that securely connects blockchains to the outer world without trust in an intermediary” and boost TPS.