Sina Nader, the former head of partnerships at FTX US, has joined Mysten Labs as its new head of strategy.
Nader will report directly to Evan Cheng, the CEO and co-founder of the Palo Alto-based Web3 startup, according to a Monday report from Bloomberg.
Cheng, along with other former employees of Meta Platforms (formerly known as Facebook), created Mysten Labs with the vision of making the decentralized web safer and more accessible.
The startup has received significant support from influential backers, including a16z crypto, Apollo, and Coinbase Ventures.
Notably, FTX, the cryptocurrency exchange led by Sam Bankman-Fried, was previously one of Mysten Labs’ main investors before encountering its own challenges in 2022.
Before joining Mysten Labs, Nader held key roles in prominent financial and crypto institutions, including brokerage firm Robinhood and global investment firm Morgan Stanley.
He was also successful in his tenure as the head of partnerships at FTX, where he played a pivotal role in driving brand partnerships, including those with celebrities, sports figures, and social media companies.
“They’ve done some amazing work that is ultra scalable and they’re looking at blockchain technology in a different way than most,” Nader said about Mysten.
“In terms of my mandate, it’s going to be bringing to the table all the things I’ve learned thus far since I’ve been in crypto in various shapes or forms since 2013 — but really drawing on my experience at Robinhood and to a certain extent at FTX.”
Nader mentioned that it is important to learn from past experiences and leverage them to contribute positively to the evolving crypto landscape.
Former FTX Executives Secure New Roles
The recent appointment of Nader signals a trend among former FTX executives securing new roles in the industry.
Zhe “Constance” Wang, a former executive at FTX, recently joined Sino Global Capital, a crypto venture-capital firm.
Additionally, former FTX US President Brett Harrison has founded Architect Financial Technologies, a company focused on providing high-quality trading software for sophisticated individual investors.
Harrisson left FTX US in September 2022 after prolonged disagreements and tension between himself and FTX’s main branch boss, Sam Bankman-Fried.
Last month, Harrison said his reputation has remained intact despite his history with the collapsed exchange, due to speaking out against Bankman-Fried’s power over the industry in advance.
He mentioned that Architect was successfully able to raise $5 million in January from Coinbase Ventures, Anthony Scaramucci, and others.
“We were able to raise, you know, very successfully, in what was otherwise, some of the most difficult times for the industry, for raising money in general, not just in crypto, but across the VC [venture capital] landscape,” Harrison said at the time.