Faces of Web3: Mike Meisels, Chainalysis
July 12, 2024
Mike Meisels has always been passionate about the way technology can be harnessed for meaningful societal impact. So, moving into the Web3 space – specifically at Chainalysis harnessing blockchain data to mitigate scams – seemed a natural move. Here, Mike offers some insight into his career evolution and what keeps him motivated.
What excites you most about being in this space?
Working in the Web3 and blockchain space at Chainalysis is truly exhilarating. It offers me the unique opportunity to actively participate in developing critical infrastructure that champions cutting-edge technology. Additionally, it fortifies the security and integrity of this rapidly evolving ecosystem.
Personally, the ever-evolving nature of this field keeps me continuously inspired. Each day, I find myself among exceptionally intelligent colleagues from whom I learn from. In turn, each of us pushes each other to learn and grow. There is never a day where I am bored or I have nothing to do.
Before joining Chainalysis, my career was deeply rooted in empowering individuals to harness cutting-edge technologies to drive innovation and create transformative solutions across various sectors.
What was your background before moving to Chainalysis?
At companies like Twilio, Initiate Systems, and Identity Insight, my focus was on harnessing advanced technologies not just to achieve new outcomes, but to also create significant societal impacts.
During the COVID-19 pandemic, I played a key role in ensuring LifeLine had systems in place so mental health professionals could maintain connections with their clients through state-of-the-art communication methods. Similarly, I contributed to projects that allowed remote hospitals to connect efficiently with the appropriate clinicians at critical moments, thus improving the accessibility and efficacy of healthcare services.
This foundation of using technology to address real-world challenges smoothly transitioned into my role at Chainalysis, where I continue to deploy technological solutions to secure and enhance the blockchain ecosystem.
What was it that drew you to Chainalysis?
The thrilling opportunity to be at the cutting edge of developing the next generation of the internet and mechanisms for value transfer, paired with the potential for profound societal impact. The company is dedicated to creating a safer blockchain environment through tracing illicit activity on the blockchain and supporting law enforcement agencies to combat these crimes. This mission aligns perfectly with my own drive to leverage technology to tackle complex challenges and make meaningful contributions to society.
At Chainalysis, I have the chance to be at the forefront of the blockchain industry — actively shaping an emerging field to ensure its ethical and responsible growth — which is extremely compelling. Being part of Chainalysis during this dynamic period of technological evolution allows me to help sculpt how Australians will interact with the digital economy of tomorrow.
What’s the biggest lesson you have learnt in your career so far?
One lesson that has become clear to me over the years is that learning is a continuous journey. No one ever masters something; despite our successes, our failures often provide the richest opportunities for growth and development.
In any career, no one arrives fully prepared for their role; rather, it’s an opportunity to grow into and shape that position. This perspective encourages us to view each job as a chance to learn and mould it into something uniquely our own.
What do you think is going to be key to mass adoption of blockchain tech and trust in crypto?
The cryptocurrency movement was created out of the 2008 financial crisis with the belief that the financial system should be better. For the cryptocurrency industry to reach its potential, it needs to harness blockchains’ inherent transparency to build an economic system that holds itself to a higher standard than traditional finance. This can be through clear regulatory frameworks that strike an appropriate balance between consumer protection and innovation. It can also be through establishing standards of conduct, including reporting on reserves and other disclosures to ensure that the industry is doing its utmost to safeguard consumers.
With the right data, tools, guidance, and partnerships, the cryptocurrency industry can hold its businesses and people accountable to protect consumers by design, and build trust in blockchain.
What do you think are the biggest opportunities that Web3 brings?
In the early days of crypto and Web3, the narrative was that it would disrupt traditional finance. Yet, the unfolding reality is a two-step journey: initially, cryptocurrency has evolved to mirror TradFi. Two of the most successful implementations of cryptocurrency today are stablecoins – the tokenisation of the US dollar – and Bitcoin ETFs, a traditional financial product.
This is just the beginning, setting the stage for the longer-term innovation where traditional finance will eventually adapt and incorporate the defining features of cryptocurrency. Crypto is delivering on its promise to transform the exchange of value, much like the internet did for the exchange of information. There is huge potential to unlock new use cases in finance that aren’t currently possible due to the illiquidity of traditional assets and bring decentralisation to the business world by enabling community ownership.
What’s next for you and the team at Chainalysis?
As value increasingly migrates to the blockchain, the demand for Chainalysis data will persist across various applications, including investigations, risk assessment, and growth strategies. This data will also play a crucial role in financial and other sectors. Moreover, stablecoins are paving the way for mass adoption, and we anticipate the emergence of additional adoption vehicles in the near future.
Chainalysis is celebrating its 10th anniversary this year, and we are committed to continuously evolving with the rapidly changing ecosystem, drive greater operational efficiencies, and enhance our customers’ experience.
What piece of advice would you give to newbies entering the crypto space?
First and foremost, tackling the technical complexity of blockchain and cryptocurrencies is essential. I recommend starting with foundational knowledge — understanding blockchain and its implications for different industries. There are numerous online courses and resources from platforms like Chainalysis Academy.
Security is another critical area. Understanding the importance of digital wallet security and the mechanics behind public and private keys is vital. Additionally, being aware of common security pitfalls like phishing attacks, scam ICOs (Initial Coin Offerings), and rugpulls is crucial. I advise new users to participate in security workshops and follow best practices for securing crypto assets. Joining communities and forums where security incidents are discussed can also provide real-world insights into how to protect oneself.
By addressing these areas through continuous education, practical experience, and community engagement, new users will be well-prepared to navigate the complexities of the Web3 and crypto space. Remember, the key is persistence and always staying informed.
What inspires you to stay professionally motivated?
Working in the Web3 space offers the unique opportunity to be at the forefront of technological innovation, which is a powerful motivator. You’re not just participating in the development of new technologies, but actively shaping the future of how society interacts with these advancements. This can be incredibly rewarding, especially as you help bridge the gap between early adopters and the early majority.
Moreover, being part of a community that is building something transformative can provide a strong sense of purpose. There’s also the continuous learning that goes with it as the Web3 space is rapidly evolving and requires staying updated with hourly and daily changes. This dynamic environment can keep the work exciting and intellectually stimulating.
You can connect with Mike on LinkedIn or Telegram (mikemnft_eth) and find out more about Chainalysis here.
