Jerry Fragiskatos is the former Business Development Lead for Cardano and a seasoned enterprise integrations executive. He played a key role in shaping Cardano’s commercial strategy, gaining firsthand insight into how advanced blockchain technology can address real-world enterprise challenges. With a background in traditional systems integration, Jerry brings a clear understanding of what enterprises require: compliance, scalability, and reliability. He views Cardano’s governance model and digital identity framework as well-suited for public and enterprise adoption, though he has long seen developer accessibility as a critical missing link. At Apex, Jerry applies his experience to bridge cutting-edge blockchain infrastructure with enterprise needs. He believes the project’s effort to combine EVM compatibility with a Cardano-derived architecture positions Apex as a strong contender for delivering business-grade web3 solutions.
How did your background lead you to your current role?
I began as a mechanical engineer in Montreal, studying at McGill and working for firms like Pratt & Whitney and CAE.
After completing an MBA in Paris, I moved into large-scale business development, managing billion-dollar corporate deals for companies like CSC across the US, France, Denmark, and South Africa.
Later, I joined Dell, working with major institutional clients. Fidelity was the largest.
What helped you shift from engineering into business development?
It came down to good mentors and hands-on experience. You can’t learn business development from a textbook.
I worked alongside strong sales leaders and had the chance to operate in different regions, which gave me a practical education.
When did you first get involved in crypto?
In 2019, IOHK reached out. At the time, I didn’t know what a blockchain was. I started reading whitepapers, watching videos, and going full speed down the rabbit hole.
My first impression was sceptical. It seemed like a space primarily associated with scams. But when I spoke with Fidelity, they encouraged me to explore it more seriously. Their CTO had mined Bitcoin internally and introduced the concept to the broader team.
That gave me the confidence to dive in.
That led to your time at Cardano?
Yes, I joined IOHK in 2019 when ADA was worth just a few cents. The market was quiet, but I took the leap. I served as Chief Commercial Officer and reported directly to Charles Hoskinson.
I was there for nearly five years, through the DeFi and NFT boom, working to bridge crypto concepts with the needs of governments and enterprises.
What stood out about that experience?
Charles is visionary—he operates years ahead of the present. It was tough to keep pace and translate big ideas into practical execution, but it was an excellent learning curve.
The pace of innovation in crypto was unlike anything I’d seen before.
How does crypto differ from traditional industries?
The talent density and ideological diversity in crypto are remarkable. You have libertarians, technologists, and creatives all working together.
But there’s also a strong speculative element. I’m focused on building real-world utility and not just chasing trends. That tension is typical of early-stage industries.
Tell me about Apex Fusion — what’s the main idea behind it?
There are two core concepts. First, we saw the benefit of combining UTXO-based and account-based systems.
UTXO is secure and deterministic, ideal for settlement, while account-based systems like EVM are better for programmability but come with trade-offs. We aimed to merge both.
Second, we saw design issues in how layer 1 and layer 2 chains interact, particularly around value leakage and staking centralisation.
Ethereum has become a settlement layer, but much of the value flows to L2s. Meanwhile, liquid staking introduces centralisation risks. We wanted to tackle this from first principles.
So, is Apex Fusion a new blockchain?
It’s a tri-chain model. Prime is our L1. It’s a pure UTXO settlement layer using Cardano-inspired tech, without execution.
It’s already live, with 270 validators and about $60 million staked. Vector is a UTXO-based L2 with smart contracts, and Nexus is an EVM-based L2.
Together, they support cross-chain execution while avoiding the typical compromises. We also offer native liquid staking with no lockups or liquid staking tokens.
Where is the team based?
Our labs are in Abu Dhabi, and we’ve set up a Swiss foundation for token issuance to operate within clear regulatory frameworks.
We also have a dormant US entity, which we’ll activate when the regulatory landscape allows.
Do you expect that to happen soon?
Some say we could see clarity within six months, but timelines in Washington are always uncertain.
The headlines tend to focus on memecoins, but projects focused on utility need clearer rules to grow.
And what’s your focus in the short term?
We’re focused on delivering our roadmap. Prime is live, our token (AP3X) is trading on centralised exchanges, and we’re expanding to DEXs.
The immediate goal is decentralising the Prime chain through staking. Once that’s stable, we’ll launch Vector and Nexus. We already have partnerships in place for wallets, DEXs, and infrastructure.
We’re chain-agnostic, so we’re open to integrating with ecosystems like Cardano, Ethereum, Base, and BNB Chain.
How do you measure success — TVL, users, or something else?
Our North Star is real-world adoption. We want to address real problems—payments, real-world assets, and AI.
But first, we need to attract developers, liquidity, and stablecoins. Once those foundations are in place, we’ll re-engage with institutions and governments.
How important is decentralisation for attracting institutions?
It’s essential. Institutions demand decentralisation and resilience for high-value use cases. That’s why Prime is designed to be highly decentralised.
For other use cases, like consumer applications, Vector and Nexus offer speed and programmability, even if they’re more centralised. It’s a modular approach—different tools for different needs.
You mentioned your tokenomics were built with ecosystem growth in mind. Can you elaborate?
We followed a traditional structure—58% of the tokens are allocated for ecosystem initiatives.
That includes stake pool offerings, retroactive grants, a venture fund, and liquidity support. These are overseen by a seven-person expert council, legally bound by a Swiss deed — a sort of programmable legal contract.
It’s centralised at the start, but designed to be transparent and flexible.
It seems like many DAOs end up centralised anyway. How do you approach that challenge?
Right. Most DAOs are run by a small group, despite the rhetoric. We chose to be upfront about that. If a better governance model emerges, we’ll adopt it.
Decentralising over time is much easier than trying to impose it from the outset. But trust still comes down to the community.