[PRESS RELEASE – Los Angeles, California, 22nd November 2022]
Salil Shah joins DeSo after holding leadership roles at Meta and Pinterest, most recently leading global go-to-market for Meta Fintech
- Former Meta and Pinterest CEO Salil Shah has joined DeSo, a blockchain platform that has raised $200 million from Sequoia, Andreessen Horowitz, CAA and Coinbase.
- The announcement comes as DeSo has experienced two consecutive months of over 120% month-on-month growth, particularly as consumers seek open, decentralized alternatives amid the turmoil on Twitter.
- Shah’s motivation for joining stems from his belief that DeSo has the potential to transform the creative economy.
DeSo is the first layer-1 blockchain capable of supporting content-rich social applications, and has raised over $200 million in funding from Sequoia, Andreesen Horowitz, Coinbase, CAA and others. DeSo is well positioned to power the next generation of web3 apps that provide more ownership, transparency and control to both creators and their fans.
After years of building the category-defining technology that underpins the platform, DeSo has now hired Salil Shah to scale the business. Shah has deep experience in business development, go-to-market and partner ecosystems, most recently leading global go-to-market for Meta’s Fintech group.
With Shah’s expertise, DeSo is poised to accelerate its mission to reimagine the creative economy, expanding the scope of web3 from pure financial applications to creator-focused social applications.
“Empowering and supporting creators is a mission I’m passionate about,” says Shah. Shah adds that DeSo has built “the first blockchain platform that allows social content to be stored directly on the chain, giving creators more ownership, the ability to engage with fans across platforms, and the ability to build direct financial relationships with fans.” “
“I’m excited to join this incredible team and partner with Nader to build the business as the industry moves toward the next phase of the creator web, powered by web3,” he continues.
Shah will complement DeSo founder Nader Al-Naji’s deep technical expertise with his extensive business experience as a technical director and strategy leader.
Leading an emerging category
Shah joins as the emerging “decentralized social” category shows signs of early growth, with DeSo recently experiencing 120% monthly growth (following 160% growth last month).
“This growth is driven by DeSo’s ecosystem of hundreds of third-party apps, which are now starting to be preserved,” says Al-Naji. For example, Diamond and Desofy have earned creators over $20 million in the early days of new monetization primitives like social tips, social NFTs, and social tokens.
Several promising apps have recently launched on the DeSo platform, including Pearl, a web3 Instagram, NFTz, a decentralized NFT marketplace, and DAODAO, a Kickstarter-like social fundraising tool. And tools like OpenProsper, a social blockchain explorer, provide data and insights into the growing DeSo ecosystem of developers, partners and users.
“We’re seeing a flywheel starting to form,” says Al-Naji. “Now that we have a seed of users and content, developers are building apps like never before, driving usage and content even further in a virtuous cycle.”
DeSo is a new layer-1 blockchain built from the ground up to decentralize social media and scale storage-heavy applications to billions of users. The DeSo mission is to decentralize social media in the same way that Bitcoin and Ethereum decentralized finance.
You can learn more about DeSo and claim your username at deso.com.
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