Gary Liu is a media and technology executive with a career spanning operations, product strategy, and executive leadership roles at companies including Google, Spotify, Digg, and the South China Morning Post. He is the co-founder and chief executive officer of Terminal 3, a Web3 platform focused on data privacy and identity. ^[4]

Education

Liu attended Harvard University, where he earned a Bachelor of Arts degree in Economics. ^[6]

Career

Liu began his career in 2006 with Cru, where he worked on operations and supported music students in Boston. In 2007, he joined Google as a senior operations associate and analyst in inside sales, where he developed reporting systems and assisted in launching a call center. From 2009 to 2011, he was senior director of business operations at Clickable, overseeing sales efficiency, reporting, analytics, and partnerships. In 2011, he moved to AOL as director of sales operations and strategy for the local division, where he managed a team of over 60 people across sales operations, customer support, marketing, training, and analytics.

Liu joined Spotify in 2011 as the global director of ad product strategy, leading the development and international scaling of ad products. He later became head of labs, focusing on new platforms, technologies, and partnerships, while also contributing to acquisitions. In 2015, he joined Digg as chief operating officer, later becoming chief executive officer that year, a role he held until 2016. He then moved to Hong Kong in 2017 to serve as CEO of the South China Morning Post, a position he held until 2022.

In 2021, Liu founded Artifact Labs, a blockchain-based company, where he served as CEO until 2023 and then as a board director until 2025. In 2023, he co-founded Terminal 3, a Web3 data privacy and identity platform, where he serves as CEO. The same year, he became the founding chair of Web3 Harbour, a non-profit association in Hong Kong focused on the Web3 sector. Since 2019, Liu has also been recognized as a Young Global Leader by the World Economic Forum. ^[7]

Interviews

Multichain Future

On the Smart Contact podcast in December 2024, Gary Liu and Lily Liu discussed the future of blockchain technology and Solana's role in it, sharing their experiences and differing perspectives on the ecosystem's evolution. They reflected on the challenges Solana faced, especially during the FTX collapse. They emphasized the importance of building a diversified infrastructure to mitigate the risks of relying on a single provider. The discussion also highlighted the critical role of the Asia-Pacific region in fostering blockchain development, with a focus on how the region's unique economic landscape could benefit from open finance solutions. Lily expressed her belief that a multi-chain future is inevitable, though it may be characterized by a few dominant chains rather than a competitive multitude. They concluded that the path to a decentralized, open financial system entails not only technological advancements but also cultural shifts in how assets and funds are perceived and utilized, particularly in regions experiencing currency fragmentation. ^[1]

Crypto Exchanges

In May 2025, on the Smart Contact podcast, Michael Lau and Liu explored whether there are too many cryptocurrency exchanges, given the dominance of a few major platforms like Binance and Coinbase. Lau shared insights from his experience in the evolving crypto landscape, noting that when they began developing their exchange, Bullish, in early 2020, the market was predominantly retail-oriented, with an estimated 99% of trading being conducted by individual investors. As the market matured, the proportion of institutional trading increased to around 20-30%. Lau addressed the challenges of trust and scale in crypto trading, emphasizing that many existing exchanges did not meet the criteria necessary for large institutional players. He elaborated on Bullish's unique approach, which included a dual liquidity-provision system integrating traditional financial principles and regulatory compliance. The conversation also touched on the pairing of decentralized finance (DeFi) and centralized exchanges, the ongoing evolution of crypto regulations, and Bullish's acquisition of CoinDesk, which aims to maintain editorial independence while expanding its role in the crypto ecosystem. ^[2]

Digital Assets

In a December 2024 episode of the Smart Contact podcast, Liu and Mathias Imbach, co-founder and CEO of Signum Bank, discussed the development of digital assets within regulated markets. Imbach reflected on the founding of Signum in 2017, noting the motivations for creating a regulated platform in the aftermath of the initial coin offering boom. He spoke about the role of regulatory frameworks, particularly in Switzerland, where Signum became the first digital asset bank to be licensed. He addressed both the challenges and opportunities that regulations pose. Liu and Imbach also examined the broader trajectory of the industry since 2017, including the impact of the crypto winter and the lessons drawn from scandals in 2022 and 2023. Imbach emphasized the need for traditional finance to adopt blockchain technology to improve efficiency and trust, while also underlining the importance of humility and long-term perspective in rebuilding credibility and ensuring blockchain’s practical value in real-world applications. ^[3]