Benzinga - by Murtuza Merchant, Benzinga Staff Writer.
Veteran cryptocurrency executive Nana Murugesan is embarking on a new chapter in his career, joining Matter Labs as its first president.
What Happened: Murugesan, previously responsible for international expansion at Coinbase Inc. (NASDAQ:COIN), brings his expertise to guide the blockchain startup’s growth and development of zkSync, a technology aiming to improve the Ethereum (CRYPTO: ETH) blockchain.
Murugesan, 45, left Coinbase in November 2023 after overseeing the company’s European expansion, asset listings, and business partnerships.
“I’ve always been interested in supporting founders and helping companies scale to new heights,” Murugesan told Bloomberg.
“Early-stage startups like Matter Labs offer a unique opportunity to make a significant impact.”
Matter Labs’ zkSync technology leverages zero-knowledge proofs, a cryptographic technique that can significantly enhance the Ethereum blockchain.
zkSync promises to make transactions faster, cheaper and more user-friendly, while maintaining transaction privacy.
Building a Team and Expanding zkSync
Murugesan will lead a team of 60 employees and oversee a major recruitment drive in the coming months. He also plans to scale Matter Labs’ marketing, legal and policy operations.
Notably, Andreessen Horowitz, a prominent venture capital firm invested in both Matter Labs and Coinbase, played a role in facilitating Murugesan’s move.
“It’s as if we’re taking Matter Labs from a fledgling startup to a mature organization,” explained Alex Gluchowski, Matter Labs’ CEO.
“Nana’s role is to propel us forward, scaling our operations from a team of 60 to potentially thousands of employees.”
Also Read: U.S. Senators Lummis, Gillibrand Renew Push For Stablecoin Bill
Matter Labs: A Strategic Move in a Bear Market
Despite entering a bear market shortly after, Matter Labs successfully secured $200 million in funding in November 2022.
Blockchain Capital, Dragonfly Capital and Lightspeed Venture Partners were among the investors who participated in the fundraising round.
Murugesan’s move to Matter Labs signifies the continued innovation and development within the blockchain space, even amid a market downturn.
As the industry evolves, scaling solutions like zkSync could play a crucial role in making blockchain technology more accessible and efficient.
What’s Next: Benzinga’s upcoming Future of Digital Assets conference, taking place on Nov. 19, will be a key platform for industry leaders and investors to discuss advancements in blockchain technology like zkSync.
This event will provide valuable insights into the future of digital assets and explore the potential of solutions that aim to address scalability challenges within the blockchain ecosystem.
Read Next: EXCLUSIVE: How The Bitcoin Halving Could Transform The Market
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