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Umami Labs CEO Alex O’Donnell grew up on the outskirts of Philadelphia before attending Temple University to study literature and economics. That path led him to devote seven years of his life as a financial journalist at Reuters, where he specialized in M&As IPOs.

He said his academic focus created a “pretty natural synthesis” when it came ot financial journalism. However, he said he became “disenchanted” with his industry while he was cooped up at home during the Covid-19 pandemic. “There really was a three-way alliance between journalists, government officials and technology companies trying to control the flow of information,” O’Donnell said in an interview with Cointelegraph.

He began tinkering with cryptocurrency, which led to his introduction with Umami DAO — and ultimately his creation of Umami Labs.

O’Donnell and his wife, Sanjana, are preparing for a “third, smaller person” to join their family next year. In the meantime, he said he’s also gearing up for another crypto-related venture. The details aren’t fully public yet, but he said he plans to release more information the months ahead.

1) How’d you make the transition from journalism to crypto?

I’d been a journalist for the better part of a decade primarily covering mergers and acquisitions. I always had an interest in finance and tech. But I started becoming a bit disenchanted with the mainstream media around the time of the pandemic. That was the first time I started becoming a bit more cynical about my own industry’s role in the information economy. So I started paying more attention to issues like privacy, censorship and other things I had not taken as much interest in before.

Alex O'Donnell at 
his wedding in 2023.
Alex O’Donnell at
his wedding in 2023. Photo credit: BR Studio’s Christian Garcia.

In 2020 I spent most of my time covering the Covid-19 pandemic. There really was a three-way alliance between journalists, government officials and technology companies trying to control the flow of information. It wasn’t even that the official line was wrong. It was that dissent was being stifled in the first place. That really peaked my interest in decentralized platforms.

At that point, I started to become meaningfully interested in crypto. Given that I came from financial journalism, decentralized finance (DeFi) in particular caught my interest. I really started actively investing in different crypto protocols as a retail investor in 2021. I was getting more involved in DeFi communities, and one of them was the predecessor to Umami — ZeroTwOhm.

2) How did that lead to you creating Umami Labs?

I got involved in ZeroTwOhm as a regular retail investor aping in as many people did. It was a pretty small community, so I was able to pretty quickly get in contact with the developers building the protocol.

But they didn’t really have a clear sense of direction about what they wanted to do next. They had bootstrapped several millions of dollars in capital that was largely just sitting there. It felt like somebody needed to step in, and the developers were, frankly, more than happy to hand responsibility off to someone else, which ended up being me.

3) What are you focused on now?

What I’m most interested in now is zeroing in on a problem that became very clear to me during my time at Umami. Essentially, as Umami Labs geared up to launch our first product in early 2023, I was meeting with a lot of crypto-focused hedge funds and large individual investors. There was this gaping need for some way to securely earn interest on USDC, USDT, and other stablecoins without having to just completely move off-chain.

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I already focused at Umami on developing another product that was designed to generate returns on stablecoins, but the real need is for something that is as secure and boring and reliable as a conventional savings account, but for people who were holding stablecoins on on-chain wallets. There have been forays into that area by other players, but I have yet to see a complete solution to that problem. It takes a combination of having the right regulated entities off-chain and seamless mechanisms for on- and off-ramping on-chain.

That is something I’m personally focused on now. I’m collaborating with some others on developing something, and getting feedback from potential early users. We’ll have more details to share within the next couple of months. But for now, it’s still in the early stages.

In my personal opinion, I do think that the high point of the crypto market in 2021 really was the high-water market of this era of very DIY, unregulated, sort of community-run bootstrapped protocols. I think that going in subsequent years, including now, we’re going to see a pretty stark shift in which DeFi stops looking so much like a completely separate ecosystem. It will for all intents and purposes become a subset of TradFi.

Related: Coinbase launches regulated crypto futures services for US retail traders

I don’t think the DeFi versus TradFi distinction is going to last. Obviously, we’re seeing a number of ETFs undergoing the registration process. In the background, major players are obtaining licenses to engage in a wider array of financial activities in the U.S. Coinbase, for example has, registered as a Futures Commission Merchant and also as a Designated Contract Market with the CFTC. That authorizes them to operate an exchange and open accounts within the futures markets. Those will be focus, of course, on Bitcoin and Ether.

Coinbase and Circle are accumulating different components that will allow them to become deeply integrated operators within traditional finance. I think that is very interesting. In parallel to that, you have folks such as Fidelity and Franklin Templeton and BlackRock developing regulated crypto investment products. Franklin Templeton is developing its own tokenized Treasury Bill ETF. It’s pretty clear that will be a source of momentum for the industry over the next several years.

5) What’s the most interesting to you as an investment right now?

Really, the only thing in crypto that I’m interested in as a long-term investment is Ether and its staking and re-staking derivatives. I think we’re still at a point where the vast majority of potential investments in crypto are extremely speculative. The underlying value proposition of the tokens is still unclear. I think ETH is one of the few exceptions. So I do hold ETH, and I’m comfortable with it as a long-term investment.

I’m paying attention to the staking protocols like Lido and Eigen Layer. Eigen allows people to take ETH they’ve already staked and re-stake it to any number of related staking protocols. That very significantly expands the range of activities that can be done trustlessly. I expect to see, over time, a lot of building on top of Eigen and other similar protocols. I think we’ll see a proliferation of investment funds and ETFs that specialize in taking ETH and staking it and re-staking it.

6) What do you think is the main hurdle to mass adoption of blockchain technology?

There needs to be a complete fusion of protocols on the bleeding edge of blockchain, and more established companies that are integrated into the traditional financial sector and capable of operating compliantly from a regulatory perspective. We need to see established players integrating sophisticated smart contracts and taking full advantage of blockchain’s potential. Then we’ll start to see blockchain becoming part of everyday financial transactions and activities.

Editorial Staff

Cointelegraph Magazine writers and reporters contributed to this article.

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‘Return hubs’ get UN backing in boost for potential plans to deport failed asylum seekers

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'Return hubs' get UN backing in boost for potential plans to deport failed asylum seekers

“Return hubs” that would see Britain send failed asylum seekers to another country have been endorsed by the UN’s refugee agency.

There have been reports that Sir Keir Starmer’s government is looking into deporting illegal migrants to the Balkans.

According to The Times, Home Secretary Yvette Cooper met the UN’s high commissioner for refugees last month to discuss the idea.

It would see the government pay countries in the Balkans to take failed asylum seekers – a prospect ministers hope might discourage people from crossing the Channel in small boats.

A total of 9,099 migrants have made that journey so far this year, including more than 700 on Tuesday this week – the highest number on a single day in 2025.

One migrant died while trying to make the crossing on Friday.

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One dead in Channel crossing

The UN’s refugee agency has set out how such hubs could work while meeting its legal standards in a document published earlier this week.

It recommended monitoring the hubs to make sure human rights standards are “reliably met”.

The country hosting the return hub would need to grant temporary legal status for migrants, and the country sending the failed asylum seekers would need to support it to make sure there are “adequate accommodation and reception arrangements”.

A UK government source said it was a helpful intervention that could make the legal pathway to some form of return hub model smoother.

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It comes after the EU Commission proposed allowing EU members to set up so-called “return hubs” abroad, with member state Italy having already started sending illegal migrants abroad.

It sends people with no right to remain to Italian-run detention centres in Albania, something Sir Keir has taken an interest in since coming to power.

With Reform UK leading Labour in several opinion polls this year, the prime minister has been talking tough on immigration – but the figures around Channel crossings have made for difficult reading.

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The Lib Dems want to be the nice guys of politics – but is that what voters want?

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The Lib Dems want to be the nice guys of politics - but is that what voters want?

Lib Dems don’t tend to listen to right-wing podcasts.

But if they did, they may be heartened by some of what they hear.

Take the interview Kemi Badenoch gave to the TRIGGERnometry show in February.

Ten minutes into the episode, one of the hosts recounts a conversation with a Tory MP who said the party lost the last election to the Lib Dems because they went too far to the right.

Everyone laughs.

Then in March, in a conversation with the Canadian psychologist Jordan Peterson, the Tory leader was asked to describe a Liberal Democrat.

“Somebody who is good at fixing their church roof,” said Ms Badenoch.

She meant it as a negative.

Lib Dems now mention it every time you go near any of them with a TV camera.

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‘It’s a two-horse race!’

The pitch is clear, the stunts are naff

At times, party figures seem somewhat astonished the Tories don’t view them as more of a threat, given they were beaten by them in swathes of their traditional heartlands last year.

Going forward, the pitch is clear.

Sir Ed Davey wants to replace the Tories as the party of middle England.

Ed Davey rides on a rollercoaster during a visit to the BIG Sheep theme park in Bideford.
Pic: PA
Image:
Sir Ed rides on a rollercoaster. Pic: PA

One way he’s trying to do that is through somewhat naff and very much twee campaign stunts.

To open this local election race, the Lib Dem leader straddled a hobbyhorse and galloped through a blue fence.

More recently, he’s brandished a sausage, hopped aboard a rollercoaster and planted wildflowers.

Senior Lib Dems say they are “constantly asking” whether this is the correct strategy, especially given the hardship being faced by many in the country.

They maintain it is helping get their message out though, according to the evidence they have.

“I think you can take the issues that matter to voters seriously while not taking yourself too seriously, and I also think it’s a way of engaging people who are turned off by politics,” said Sir Ed.

Ed Davey tries his hand at hobby horsing during the launch of the party's local election campaign in Walled Garden of Badgemore Park in Henley-on-Thames.
Pic: PA
Image:
Sir Ed on a hobby horse during the launch of the party’s local election campaign in the Walled Garden of Badgemore Park in Henley-on-Thames. Pic: PA
Pic: PA


‘What if people don’t want grown-ups?’

In that way, the Lib Dems are fishing in a similar pool of voters to Reform UK, albeit from the other side of the water’s edge.

Indeed, talk to Lib Dem MPs, and they say while some Reform supporters they meet would never vote for a party with the word “liberal” in its name, others are motivated more by generalised anger than any traditional political ideology.

These people, the MPs say, can be persuaded.

But this group also shows a broader risk to the Lib Dem approach.

Put simply, are they simply too nice for the fractured times we live in?

“The Lib Dems want to be the grown-ups in the room,” says Joe Twyman, director of Delta Poll.

“We like to think that the grown-ups in the room will be rewarded… but what if people don’t want grown-ups in the room, what if people want kids shitting on the floor.”

Liberal Democrat leader Sir Ed Davey canoeing in the River Severn in Shrewsbury with North Shropshire MP Helen Morgan, while on the local election campaign trail. Picture date: Friday April 11, 2025.
Image:
Sir Ed canoeing in the River Severn in Shrewsbury, Shropshire. Pic: PA

A plan that looks different to the status quo

The party’s answer to this is that they are alive to the trap Lib Dems have walked into in the past of adopting a technocratic tone and blandly telling the public every issue is a “bit more complicated” than it seems.

One senior figure says the Lib Dems are trying to do something quite unusual for a progressive centre-left party in making a broader emotional argument about why the public should pick them.

This source says that approach runs through the stunts but also through the focus on care and the party leader’s personal connection to the issue.

Presenting a plan that looks different to the status quo is another way to try to stand apart.

It’s why there has been a focus on attacking Donald Trump and talking up the EU recently, two areas left unoccupied by the main parties.

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‘A snivelling cretin’: Your response?

The focus on local campaigning

But beyond the national strategy, Lib Dems believe it’s their local campaigning that really reaps rewards.

In the run-up to the last election, several more regional press officers were recruited.

Many stories pumped out by the media office now have a focus on data that can be broken down to a constituency level and given to local news outlets.

Party sources say there has also been a concerted attempt to get away from the cliche of the Lib Dems constantly calling for parliament to be recalled.

“They beat us to it,” said one staffer of the recent recall to debate British Steel.

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Steel might have been ‘under orders’ from China

‘Gail’s bakery rule’

This focus on the local is helped by the fact many Lib Dem constituencies now look somewhat similar.

That was evidenced by the apparent “Gail’s bakery rule” last year, in which any constituency with a branch of the upmarket pastry purveyor had activists heaped on it.

The similarities have helped the Lib Dems get away from another cliche – that of the somewhat opportunist targeting of different areas with very different messages.

“There is a certain consistency in where we won that helps explain that higher vote retention,” said Lib Dem president Lord Pack.

“Look at leaflets in different constituencies [last year] and they were much more consistent than previous elections… the messages are fundamentally the same in a way that was not always the case in the past.”

Ed Davey in a swan pedalo on Bude Canal in Bude, Cornwall.
Pic: PA
Image:
Sir Ed in a swan pedalo on Bude Canal in Cornwall. Pic: PA

A bottom-up campaign machine

New MPs have also been tasked with demonstrating delivery and focusing doggedly on the issues that matter to their constituents.

One Home Counties MP says he wants to be able to send out leaflets by 2027, saying “everyone in this constituency knows someone who has been helped by their local Lib Dem”.

In the run-up to last year’s vote, strategists gave the example of the Lib Dem candidate who was invited to a local ribbon-cutting ceremony in place of the sitting Tory MP as proof of how the party can ingratiate itself into communities.

With that in mind, the aim for these local elections is to pick up councillors in the places the party now has new MPs, allowing them to dig in further and keep building a bottom-up campaign machine.

‘Anyone but Labour or Conservative’

But what of the next general election?

Senior Lib Dems are confident of holding their current 72 seats.

They also point to the fact 20 of their 27 second-place finishes currently have a Conservative MP.

Those will be the main focus, along with the 43 seats in which they finished third.

There’s also an acronym brewing to describe the approach – ABLOC or “Anyone but Labour or Conservative”.

pmqs
Image:
Keir Starmer and Kemi Badenoch aren’t exactly flying high in the opinion polls

9% swing could make Sir Ed leader of the opposition

The hope is for the political forces to align and Reform UK to continue splitting the Tory vote while unpopularity with the Labour government and Conservative opposition triggers some to jump ship.

A recent pamphlet by Lord Pack showed if the Tories did not make progress against the other parties, just 25 gains from them by the Lib Dems – the equivalent of a 9% swing – would be enough to make Sir Ed leader of the opposition.

What’s more, a majority of these seats would be in the South East and South West, where the party has already picked up big wins.

As for the overall aim of all this, Lord Pack is candid the Lib Dems shouldn’t view a hung parliament as the best way to achieve the big prize of electoral reform because they almost always end badly for the smaller party.

Instead, the Lib Dem president suggests the potential fragmentation of politics could bring electoral reform closer in a more natural way.

“What percentage share of the vote is the most popular party going to get at the next general election, it’s quite plausible that that will be under 30%. Our political system can’t cope with that sort of world,” he said.

Whether Ms Badenoch will still be laughing then remains to be seen.

This is part of a series of local election previews with the five major parties. All five have been invited to take part.

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PM and Trump step up trade talks – as chancellor warns it’s ‘foolish’ not to engage with China

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PM and Trump step up trade talks - as chancellor warns it's 'foolish' not to engage with China

It would be “foolish” to stop engaging with China, the chancellor has said, as Sir Keir Starmer held his first call with Donald Trump since he put 10% tariffs on goods imported from the UK.

Rachel Reeves will hold talks with the US next week amid efforts to establish a trade deal, which the government hopes will take the sting out of the president’s tariffs.

There has been speculation Washington may press the government to limit its dealings with China as part of that deal, having launched a tit-for-tat trade war with its economic rival.

But Ms Reeves told The Daily Telegraph:”China is the second-biggest economy in the world, and it would be, I think, very foolish, to not engage.

“That’s the approach of this government.”

She suggested she would back the fast fashion firm Shein launching an initial public offering (IPO) in the UK, saying the London Stock Exchange and Financial Conduct Authority have “very strict standards” and “we do want to welcome new listings”.

Shein, which was founded in China but is now based in Singapore, has faced several obstacles to its efforts to float, including UK political pressure over alleged supply chain and labour abuses.

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Sir Keir Starmer the Trump charmer.
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Sir Keir Starmer and Donald Trump met in February. Pic: PA

‘Productive discussions’

When it comes to a UK-US deal, The Daily Telegraph has reported officials in Washington believe an agreement could be weeks away.

But on Thursday, Mr Trump said he was in “no rush” to reach any deals because of the revenues his new tariffs are generating.

During Sir Keir’s call with the US president on Friday, the two leaders talked about the “ongoing and productive discussions” on trade between the two nations, according to a Downing Street spokesperson.

“The prime minister reiterated his commitment to free and open trade and the importance of protecting the national interest,” Number 10 said.

As well as the 10% levy on all goods imported to America from the UK, Mr Trump enacted a 25% levy on car imports.

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