Algorand Foundation Taps Former JPMorgan Exec to Take the Reins as Algodex Launches on Mainnet

The Algorand ecosystem has seen several developments over the last three days. Algorand Foundation, the entity behind the Algorand PoS protocol, has named a capital market development specialist to assume the role of chief executive with immediate effect.

The highly anticipated decentralized exchange that leverages an order book system has also recently launched on the mainnet. More on these developments and ALGO price action below:

Algodex launches on mainnet, but it’s not yet available to US and Canada users

On Thursday, the Algodex team confirmed that Algodex had launched on the mainnet, and traders can begin making their plays on the platform. The team had shared a post on the arrival of the decentralized marketplace earlier this week. Algodex is the first order book platform on Algorand protocol and joins other supported decentralized exchanges.

The team explained that it was still working on obtaining clearance in the US and Canada before welcoming traders from these regions. Except for users in the two countries, all others around the world can now trade on Algodex.

In the latest announcement post, the team shared a guide for new users looking to try out the decentralized exchange platform. The post also featured a notice asking users to exercise caution when choosing assets.

Algodex launched in the testnet earlier but this version didn’t support trades around real value Algorand Standard Assets priced in the protocol’s native token. The mainnet version supports all assets on the Algorand blockchain – even NFTs. Worth noting no fees will be charged in the current mainnet version.

“Users who transact and provide liquidity on Algodex shortly after launch will later receive rewards via airdrops. In addition, no trading fees will be applied to any transactions until the second phase Mainnet launch of Algodex, when the reward system will be integrated,” the announcement post stipulated.

Algorand Foundation appoints Staci Warden to serve as CEO

Singapore-based Algorand Foundation has secured the service of Nasdaq alum Staci Warden to take the helms. She takes over as the next chief executive following the exit of Sean Lee, who is walking away from the entity to focus on other opportunities.

Lee, known for redefining community governance, had served as the chief executive for a year and a half before his exit. Warden isn’t exactly a new face at the payments-focused blockchain, as she has previously been on the Foundation’s board for over five months.

She has a wealth of experience in the finance industry, having worked both in the private and public as well as the non-profit sectors. Her career started with a stint as an economist at the US Treasury Department. She then joined the New York-based stock exchange Nasdaq, leading its markets for microcap companies before moving to JPMorgan as an executive director.

Under this role, which she occupied for eight years, she oversaw institution relationships in Europe, Africa, and Asia. Her last position prior to joining the Foundation was at the Milken Institute, where she learned about the crypto industry. She even penned several pieces on blockchain for the California-based non-profit organization.

Warden asserted that she hopes to “deliver tremendous value for both the Algorand ecosystem as a whole and the end-users it supports” in her new position. She highlighted the need to bump up commitment efforts and ambitions to achieve that goal.

Algorand Foundation Board Chairman ​​Kieron Guilfoyle lauded the hire noting that Warden recognizes the “potential for Algorand to become a dominant layer-1 blockchain.” Guilfoyle added that she would settle in quickly and help steer the Foundation into the expansion phase.

The Algorand Foundation and Algorand protocol have both completed significant milestones in the last few months. The latter got a $100 million funding boost from Arrington Capital in June last year. Three months later, the Foundation set up a $300 million development fund.

Algorand (ALGO) price action

ALGO price has slumped on Friday and is down 3.74% in the last 24 hours. The dip is part of a market-wide pullback.

ALGO/USD 24-hr trading chart

At its current price of $0.985, ALGO is trading 70% below its record high as per CoinMarketCap data. Recent developments around Algorand, including the hire of Staci Warden, are expected to boost the price of the token in the long term as they indicate the protocol is progressing in the right direction.

To learn more about this token visit our Investing in Algorand guide.