We started Delphi Digital with one simple mission: to build the best institutional-grade research firm focused exclusively on crypto and digital assets. Leveraging our expertise in finance and investment research, our specialty is applying rigorous financial analysis to understand what drives value to these emerging networks and financial instruments.
“Delphi Digital originally predicted the bitcoin price would reach a bottom by Q1 2019 in their State of Bitcoin report released in December. The team's reasoning behind their most recent call is mostly based on blockchain analysis, macroeconomic trends, and various forms of technical analysis.”
“The apparent runaway success of the token offers a glimpse into just how frenzied the speculation has become over the future of decentralized finance, or DeFi – blockchain-enabled systems, mostly using the Ethereum network, that allow for the lending and trading of cryptocurrencies and other digital assets, without the need for trusted intermediaries like banks and centralized exchanges. "DeFi is hitting its stride and the space will continue to accelerate,” the research firm Delphi Digital wrote Wednesday in a report."
“Delphi Digital uses “Unspent Transaction Output” (UXTO) data to sort Bitcoins by the last time they were moved. The amount of time an amount of Bitcoin stays still is referred to as its “UXTO age.” “In the days following the selloff, there was additional movement from slightly older holders in the 6-12 month range and 12-18 month range, with heightened exchange inflows to match,” said the firm.”
Managing Partner
Head of Research
Head of Delphi Labs
General Partner, Delphi Ventures
Chief Operating Officer
Global Head of Macro Strategy
CTO, Delphi Labs
Global Account Manager
Business Operations Associate
Research Analyst
Research Analyst
Venture Partner
Associate, Delphi Labs
Research Analyst
Ventures Analyst
Quantitative Analyst, Delphi Labs
VP - Fund Operations & Trading
Research Analyst
Product Manager, Delphi Labs
Executive Assistant
Lead Developer, Delphi Labs
Senior Developer, Delphi Labs
Research Analyst
Senior Analyst
Research Analyst
Research Analyst
Administrative Assistant
TD Ameritrade: Research Firm Calls Bitcoin Bottom
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Yan Liberman, CFA, CAIA
Managing Partner
Yan's focus at Delphi has always been on the quantitative side, ranging from developing predictive on-chain metrics to dissecting various types of Automated Market Makers. His time was primarily spent building out models for research reports and designing token econ for projects on the consulting front. This has helped him develop a strong understanding of token mechanics and assessing their ability to accrue value. As Managing Partner of Delphi Ventures, his focus will be on investing in and working with portfolio companies. He will also host Delphi’s Deconstructing DeFi podcast. Yan brings a strong understanding of fundamental and quantitative analysis to Delphi Digital having spent a sizable part of his career in a research capacity. He provided in-depth, company-specific insights and thematic research in a previous role as an Equity Research Associate covering the global technology sector for Bloomberg Intelligence. Prior to this, Yan worked as a Dividend Forecasting Analyst for Bloomberg L.P., where he developed a systematic approach for predicting future capital distributions of companies leveraging fundamental and regression analysis. After his time at Bloomberg, Yan moved to Deutsche Bank's Leveraged Finance CRM group covering the Retail sector. Yan holds a bachelor's degree in economics and is a CFA and CAIA charterholder. Yan has his Series 79 license.
Medio Demarco
Head of Research
At Delphi, Medio focuses on identifying new opportunities across various key sectors. He manages the research team, guiding overall strategy and recognizing themes for the team to prioritize. Medio’s expertise is broad in terms of the diverse topics he’s well versed in, while also being able to dive in at a granular level. He plays an important role in writing research, analyzing data and building economic models. If it’s interesting, it’s on his radar. Before co-founding Delphi Digital, Medio was an Associate in Deutsche Bank’s risk department. His responsibilities included assessing derivatives exposure, legal negotiations, structured financing transactions, and non-recourse equity loans for the bank’s hedge fund clientele. Prior to working at Deutsche Bank, Medio was an Analyst at Bloomberg L.P. covering U.S. corporate bonds and Treasuries. Medio has a bachelor's degree in supply chain management and has also passed Level II of the CFA exam. Medio has his Series 79 and Series 63 license.
Jose Maria Macedo
Head of Delphi Labs
José was previously the founding partner at AmaZix Capital as well as being Partner & Head of Advisory at AmaZix - one of the largest marketing, community management and advisory companies in the space, having worked with over 130 projects, including the likes of HDAC, Bancor, Bankex, GBX, WePower and Gochain. Starting off as an analyst, José worked his way up to eventually co-found and lead the advisory department at AmaZix (eventually spun-off to AmaZix Capital) where he helped build a strong team comprised of economists, computer scientists, and finance executives which played a key role in auditing & designing the token economic models as well as drafting the documentation (whitepapers, technical papers, token economic papers, and pitch decks) for many of AmaZix’s 130 partners. Before entering crypto, José studied Economics & Philosophy with a focus on Game Theory and Econometrics, graduating with a first-class honours while starting several businesses, including a successful exit to a large UK-based wholesaler. His business ventures have been featured on National TV and Huffington Post, as well as earning him the Duke of York Young Entrepreneur Award (presented by Prince Andrew), Shell Livewire Grand Ideas Award, Enterprise Champion award and Student Entrepreneur of the Year. José has spoken at conferences all over the world, regularly writes about token economics and his writings and thoughts have been featured on publications such as EuroNews, Yahoo Finance, and Bitcoin.com among others. He is also a member of the scientific committee for San Marino where he acts as its token economic expert, advising the government on how to understand, structure and regulate crypto assets. At Delphi Ventures, José will focus on overseeing, iterating and improving the investment process, working with portfolio companies and building a world-class investment team.
Tom Shaughnessy
General Partner, Delphi Ventures
Tom Shaughnessy was the founder and lead crypto analyst at 51percent Crypto Research before merging and becoming a part of the Delphi Digital team. Tom focuses on the planning and execution of strategies to meet the firm's objectives. These activities include securing partnerships and consulting contracts on a global basis, helping to build the firm's divisions, networking, growth and more. Tom also hosts Chain Reaction which features top founders of major projects. Prior to Delphi Digital, Tom was on the cloud and communications equity research team at Oppenheimer. Tom’s coverage at Oppenheimer included the cloud companies (Amazon Web Services, Microsoft Azure), wireless companies (AT&T, Verizon, T-Mobile, Sprint) and various infrastructure providers including datacenters and tower companies. In this role, he performed extensive financial modeling work for each company while also researching and writing numerous white papers with the team spanning 5G, NFV/SDN, and other tech-focused topics. Eventually, this cloud coverage led Tom to co-write an extensive 100+ page crypto/blockchain white paper exploring the dynamics of cloud companies and blockchain back in 2018, which was sent to Oppenheimer’s institutional clients. Tom graduated with a B.S. of Finance and holds his Series 7, 63, 86 and 87 licenses.
Anil Lulla
Chief Operating Officer
At Delphi, Anil focuses on designing and implementing long-term strategies for the firm. He translates this strategy into actionable goals to keep in mind as he oversees daily operations. In addition to his duties as COO, Anil contributes to Delphi’s ongoing research. While he’s spent a lot of time diving into Bitcoin and the emerging space of open finance, Anil enjoys keeping up with the rapidly changing landscape of DAOs.
Prior to co-founding Delphi Digital, Anil was a Leveraged Finance CRM Associate at Deutsche Bank where he covered the Retail and TMT sectors. In this role he performed extensive fundamental analysis including enterprise value assessments, FCF analysis, and downside stress testing on high risk companies. Before joining Deutsche Bank, Anil spent two years at Bloomberg L.P. covering new debt issuances and producing data-driven insights for Bloomberg News. He earned a bachelor's degree in finance with a concentration in entrepreneurship. Anil has passed Level II of the CFA exam and has his Series 79 and Series 63 license.
Kevin Kelly, CFA
Global Head of Macro Strategy
Kevin’s core focus lies at the intersection of global macroeconomic trends, financial markets, and the emergence of crypto and digital assets. As Head of Global Macro Strategy, Kevin provides key insight on the salient trends impacting both traditional and digital asset markets, helping bridge the gap between conventional market analysis and blockchain-specific applications. He strives to grow the institutional awareness of crypto assets and their allocation benefits in today's unique investing environment. Kevin comes with a background in traditional equity research. In his prior role as a U.S. Equity Strategist, Kevin provided insight on global equity markets for a vast array of institutional clients. He brings with him extensive experience in equity market data, analytics, and research, often being cited in financial journalism or discussing markets on financial media outlets (TV, radio, etc.). Kevin is a CFA charterholder with a bachelor's degree in finance and economics. He is also the host of Macro Matters, a podcast that examines key investment themes across various asset classes under The Delphi Podcast brand.
Luke Saunders
CTO, Delphi Labs
Luke leads all things technical within the Delphi Digital team. Working closely with Anil to identify and implement technical initiatives which feed into our long term goals and maximize value to our subscribers. These include data collection and analysis, the creation of dashboards tracking key metrics and augmenting our research with live data feeds and automation. During a 20-year career as a software developer, Luke was involved with many tech and web startups, including being part of the founding team and lead developer of a project that scaled to over 3 million unique visitors per day and achieved a successful eight-figure exit. His interest in open source development led him to be a member of the core team of one of the leading (at the time) web frameworks. He also co-founded AmaZix, one of the premier crypto community management and advisory firms, which at its peak had over 150 staff and generated over seven figures in monthly revenue. Luke holds a degree in Computing and a Master’s (Distinction) in Artificial Intelligence. With his varied background in business, technology and token design, Luke bridges theory and practical implementation.
Petro Vermeulen
Global Account Manager
Petro is no stranger to the complex world of cryptocurrency. With over ten years’ experience as an executive assistant, she has held roles with two industry-leading crypto companies. At Earn.com, a learning platform owned by top exchange Coinbase.com, she oversaw database administration, customer support, and fraud mitigation. Then, at fintech powerhouse Bitcoin.com, she worked alongside the company’s executive team, helping to manage and close crucial business deals, and coordinating everything from business travel arrangements to meetings spanning across multiple time zones. Today, she supports the Delphi Digital senior management team as they drive the digital asset space forward. From organizing calendars to keeping an open line of communication and managing projects from start to finish, Petro saves the team time so they can maximize productivity and focus on developing institutional-grade research for our clients.
Nikolett Virag
Business Operations Associate
Nikolett has been working in the technology sector for almost 10 years, gaining in-depth understanding in diverse sides of the industry. Prior to joining Delphi Digital, she held instrumental account management and organizational roles in various companies in the areas of software development, SaaS and e-commerce. Her experience with startups helps Delphi maximize productivity and focus on developing institutional-grade research for our clients, while she also takes part in making sure all clients receive the highest level of support.
Paul Burlage
Research Analyst
Paul focuses on delivering actionable research and comprehensive token economic models for Delphi’s clients. He brings an understanding of both the granular mechanisms of crypto-systems, as well as its ever-evolving narratives and trends. As a frequent user of decentralized applications (mostly DeFi), Paul enjoys tinkering and analyzing projects from their nascency to potential product-market fit. Prior to Delphi, Paul studied at Boston College, where he received a Bachelor of Science degree in Chemistry and minors in Economics and History. While interning at Delphi Digital, Paul won 1st place in the 2019 BlockTower Investment Analyst Competition (BlockTower is a leading crypto and blockchain investment firm).
Alex Gedevani
Research Analyst
At Delphi, Alex focuses on producing quality and in-depth research that provides actionable insights for clients. He covers a diverse group of topics and sectors across the digital assets landscape, with a special interest in the thriving Ethereum ecosystem. Alex combines fundamentals focused research with a strong focus on token economic design and product-market fit. He enjoys testing out projects and using on-chain analysis to separate the signal from the noise to identify opportunities both at a project and sector level. Given the nascent industry, Alex prefers to keep an open mindset and is constantly reading up on the latest advances in crypto-systems design to stay on top of market trends. Prior to joining Delphi Digital, Alex was a Financial Analyst at Barclays Investment Bank with a focus on the Equities asset class and also played an instrumental role in building out the Volcker Finance program at the firm. Additionally, as a Community Research Analyst at Messari, he helped expand the cryptoassets library by creating resource pages, asset profile pages, and publishing 3rd party research. Alex then interned with Delphi before joining full-time. Alex earned a bachelor’s degree in Finance and has passed Level 1 of the CFA exam.
Piers Kicks
Venture Partner
Piers is a Partner at Delphi Ventures and focuses on the NFT and games space at Delphi Digital. He acquired his first bitcoin at 13 years old in exchange for virtual currency in a video game. After reaching 69th globally in Rainbow Six Siege (over 50 million players), building an RSPS with his brothers, being a first-generation virtual reality user, and growing up with crypto, he leverages his unique insight into the undercurrents of the web to cross the digital divide. He studied Computer Science and Philosophy at Newcastle University before starting Azar Capital—a hybrid crypto/venture fund. Piers has also led advisory roles with Saxon Advisors and 01 Capital—both are London-based digital asset consultancy firms. He hosts the Metaverse Musings series under The Delphi Podcast in discussion with many prominent figures around the intersection of crypto, video games, and other forms of interactive media.
Jonathan Erlich
Associate, Delphi Labs
At Delphi, Jonathan focuses on supporting the consulting practice and actively looking for new investment opportunities across the space. Prior to joining Delphi Digital, Jonathan worked in management consulting at Virtus Partners, a boutique firm that operates across LatAm, with a focus on strategic planning and incentive system design. He then went on to launch a profitable hospitality group in his native Colombia. Jonathan completed bachelor’s degrees in Industrial Engineering and Economics from Universidad de los Andes in Bogotá, Colombia, and later graduated from Lambda School as a Full Stack Software Engineer in 2019.
Ashwath Balakrishnan
Research Analyst
Ashwath helps create insights-driven research for a variety of crypto verticals but is primarily focused on permissionless financial applications. He uses an integrated approach of behavioral and fundamental analysis to identify promising opportunities in the space. Ashwath previously worked at Crypto Briefing as a market analyst focusing on the DeFi and derivatives sectors. Prior to crypto, he was an equity research analyst at Quantum Advisors, the largest institutional portfolio management firm in India. Ashwath has a Bachelor's degree in commerce & finance, and has passed Level I of the CFA exam.
Robert Sarrow
Ventures Analyst
At Delphi, Rob is actively looking for new investment opportunities across the ecosystem as well as supporting the current portfolio. Prior to joining Delphi Digital, Rob had a stint in consulting focusing on technology strategy before joining Blockchain Capital as a Research Scholar, where he performed deep analysis on various scaling solutions and open finance primitives. Though Bitcoin is his first love, he approaches the space with an unbiased mind and is focused on projects that reduce friction in the traditional world. Rob attended Stevens Institute of Technology where he earned both a M.E. in Systems Engineering and B.E. Engineering Management with a concentration in Financial Engineering.
Ayana Aspembitova
Quantitative Analyst, Delphi Labs
Ayana provides critical help to Delphi in the form of risk analysis and quantitative modeling. Ayana just obtained her Doctoral degree in Physics from Nanyang Technological University. She has dedicated her PhD studies to research blockchain systems using tools from Statistical Physics and Machine Learning. Results and findings were published in high impact journals and presented in several interdisciplinary conferences and workshops. While pursuing her PhD degree, she also was a Research Scholar at the Agency of Science, Technology and Research in Singapore. Prior to starting her PhD studies, she worked as a Quantitative Model Validation Analyst in Econophysica Ltd., which provides consulting services to banks and financial institutions.
Aansh Mehta
VP - Fund Operations & Trading
Aansh runs operations and trading for Delphi Ventures. His primary responsibilities include fund operations and structuring for portfolio investments and SPV co-investments. Additionally, he runs the portfolio management process actively managing liquidity and keeping stakeholders updated on fund performance. Prior to joining Delphi Aansh was an AVP at Deutsche Bank working within risk management for hedge fund and private equity clients. There he negotiated credit terms (ISDA/CSA, GMRA/MRA, etc) and worked on structured credit transactions. Prior to Deutsche Bank Aansh was a data analyst at Bloomberg working closely with Bloomberg News and data science groups. Aansh has a bachelor’s degree in economics and political science from Villanova University. He is currently pursuing his Master of Science in Applied Analytics at Columbia University.
John Jimin Noh
Research Analyst
At Delphi, John is actively looking for new investment opportunities across the blockchain ecosystem. Prior to joining Delphi Digital, John was a legal researcher for the Independent panel reviewing human rights related practices and the national centre of human rights law, policy and practice. There he identified and refined substandard legal practices by cooperating with the wider legal infrastructure. John has a bachelor's degree in Law and Criminology from the University of Auckland and has been admitted as a Barrister and Solicitor of the High Court of New Zealand.
Mathijs de Graaf
Product Manager, Delphi Labs
Mathijs couples his knowledge of the crypto industry with creativity and originality. He enjoys creating tools which increase a project’s usage. He’s been active in the crypto space since 2013 managing a private fund, supporting local crypto enthusiasts and collaborating on community projects. Prior to going full-time into crypto he worked as a sales manager for a multinational company. He completed a bachelor in business management from the University of Amsterdam. He’s got a deep love for Thorchain and is more widely known as Bitcoin_Sage on Twitter. Where he shares his insights to help move the crypto movement forward.
Delisse Gamboa
Executive Assistant
System Engineer and MBA, over 14 years of professional experience in strategic planning, KPIs and systems & process assurance. Capable of monitoring and improving organizational critical processes to make them as efficient as possible. Delisse has a wide range of experience in reviewing policies and procedures manuals to make them more efficient as possible. In 2018 started up her own audiovisual production business in Nicaragua.
Federico Rodríguez
Lead Developer, Delphi Labs
Fede is the Lead Developer at Delphi. Prior he worked on several roles on Human Resources and Sales Consulting and was a college teacher on a Corporate Finance course before attending to a programming conference by accident and falling in love with it. Taught himself how to program and went on to work as a developer for several startups such as Mejuri, AmaZix and Timeline. Has a bachelor's degree in Industrial Engineering from Universidad de Buenos Aires.
Luiz Lopes
Senior Developer, Delphi Labs
Luiz leads the development projects for Delphi Research. Luiz has over 15 years of experience as a full-stack software engineer, he has presented at conferences, and has contributed to a many open source projects. Most recently he worked with an YC company as a Tech Lead where he improved code quality and developer cycle time.
Can Gürel
Research Analyst
Can Gürel has joined Delphi to pursue his passion in crypto technologies as he researches, analyzes and distills different sets of data and information into actionable insights and supports the venture team with potential investment opportunities in this space. Prior to Delphi Digital, Can was an angel investor in tech startups, one of which has been sold to Amazon in less than 3 years. Following his interest in cryptocurrencies and blockchain in 2016, Can has actively been investing in crypto projects, conducting both token and equity investments. He has successfully completed MIT’s Blockchain Technologies Program to further deepen his knowledge in the field. Since then he has also advised well-known private investors and companies in the region on how to invest in and navigate the crypto market. He has published numerous articles on one of the largest news websites in Turkey regarding the new trends, innovations and the future of cryptocurrencies. He is a big believer in decentralized networks, a continuous learner and teacher. He is a Bitcoin instructor with a 4.9 rated course on Udemy, catered towards his Turkish community. Can has completed his bachelor’s degree in Industrial and Systems Engineering from the University of Southern California in 2014.
Nick Pappageorge
Senior Analyst
Nick is a Senior Analyst working across research, ventures, and operations. Previously, Nick was a longtime analyst at CB Insights where he covered blockchain and fintech venture capital.
Genevieve Yeoh
Research Analyst
At Delphi, Genevieve supports Delphi Labs projects and conducts research on potential investment opportunities in the DeFi space. Prior to joining Delphi, Genevieve was an Analyst at Goldman Sach’s Investment Management Division. In her role, she was responsible for managing portfolios, asset allocation and formulating cross-asset product & solutions for clients in the South East Asia and Australia market. She has investment experience across a breadth of asset classes and was particularly focused on equity and interest rate derivatives. Genevieve holds a bachelor’s degree in Economics from University College London
Jeremy Ong
Research Analyst
At Delphi, Jeremy spends his time identifying potential changemakers in DeFi with a focus on product market fit and visible traction. In his professional life, he has a diverse entrepreneurial experience of starting up a digital agency, multiple eCommerce businesses, content-focused businesses and working full-time as a marketer. Jeremy completed a degree in Economics and Finance from Deakin University in Melbourne, Australia and a certified IQ of 156.
Justin Vermeulen
Administrative Assistant
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