Quick Breakdown
- Sonic Labs appoints Mitchell Demeter as new CEO to spearhead global growth and institutional expansion.
- Demeter will focus on boosting U.S. and global developer adoption and forging stronger capital market connections.
- Sonic aims to leverage its high-speed blockchain to capture a share of the projected $10 trillion on-chain economy.
Sonic Labs has appointed blockchain pioneer Mitchell Demeter as its new Chief Executive Officer, tasking him with driving the network’s next phase of global expansion and deepening ties with institutional investors. Demeter, best known for launching the world’s first Bitcoin ATM and co-founding Cointrader Exchange, is stepping in at a pivotal time for the high-speed blockchain platform.
Mitchell Demeter Takes Helm at Sonic Labs.
Strengthening institutional bridges
Since Sonic’s mainnet launch in December 2024, the network has achieved milestones, including processing up to 400,000 transactions per second with sub-second confirmation, a Coinbase listing for its native token S, the issuance of USDC, and integration with Chainlink’s CCIP. Despite these advances, Sonic Labs recognises the need for stronger institutional relationships, particularly in the U.S., to drive adoption beyond technological achievements and exchange listings.
Demeter will lead efforts to build a seasoned executive team and expand business development in the U.S. and other key markets. His mandate includes recruiting industry veterans from both traditional finance and crypto to secure partnerships with major investors and enterprises. The company aims to position Sonic as a core player in an industry projected to handle up to 10% of global GDP, over $10 trillion in on-chain transactions, within the next decade.
Leadership transition
Michael Kong, who has guided Sonic Labs and its predecessor, Fantom, since 2018, will remain on the board and assume the role of Chief Information Officer. He will work closely with Demeter to ensure continuity as Sonic scales operations and capital market outreach. Demeter will also step down as CEO of SonicStrategy to focus fully on Sonic Labs, while retaining an advisory role as Executive Chair. His appointment underscores Sonic’s strategy to bridge cutting-edge blockchain technology with institutional finance, cementing its position in the future of global digital markets.
The appointment follows a recent community vote approving a $200 million issuance of S tokens, a move designed to accelerate Sonic’s expansion into U.S. capital markets and reinforce its strategy of marrying cutting-edge blockchain performance with institutional finance.
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