Marco Di Maggio is an economist and finance researcher specializing in financial markets, fintech, digital assets, and household and corporate finance. He is the co-founder of the Nesa Protocol, a Layer-1 blockchain network focused on decentralized AI execution. ^[3]

Education

Di Maggio graduated from Università degli Studi di Napoli Federico II with a Bachelor’s in Economics and Math in 2008. He went on to earn his PhD in Economics and Finance from the Massachusetts Institute of Technology in 2013. ^[4]

Career

Di Maggio began his academic career with research roles during his graduate studies, including a Visiting Scholar position at Northwestern University from 2006 to 2007 and a Research Assistant position at the University of Chicago Booth School of Business in 2007. He later worked as a Research Associate at Credit Suisse in 2010 while completing his PhD studies at the Massachusetts Institute of Technology, where he studied from 2008 to 2013. After completing his doctorate, Di Maggio served as an Assistant Professor of Economics and Finance at Columbia Business School from 2013 to 2016. He then moved to Harvard Business School, where he served as an Assistant Professor of Business Administration from 2016 to 2019 and later as an Associate Professor of Business Administration from 2019 to 2023. His academic research during this period focused on areas including financial intermediation, credit markets, and the impact of technology on financial systems.

Beginning in 2018, Di Maggio expanded his work into cryptocurrency and decentralized finance. He served as an Economic Expert at Vega Economics in 2018, providing statistical analysis for litigation cases. From 2018 to 2020, he worked as an External Researcher with Terra Money, applying economic research to digital asset ecosystems and exploring applications of stablecoins and decentralized finance. From 2021 to 2022, he served as an Economic Research Advisor at Sperax, where his work focused on stablecoin mechanisms and DeFi applications. From 2019 onward, Di Maggio has served as a Consultant at Dimensional Fund Advisors, contributing research on transaction cost models and presenting findings to institutional investors and financial advisors. He also became a Strategic Advisor in fintech at GBK Collective in 2021, focusing on financial technology research and market insights.

In 2022, Di Maggio joined the Mina Foundation as a Board Member. In the same year, he joined Coinbase's Advisory Board, contributing to research initiatives on decentralization, Web3, and the future of finance. He also served as Director of the Crypto, Fintech, and Web3 Lab at Harvard University from 2022 to 2023, leading research on blockchain technology, digital currencies, token systems, regulatory issues, and financial innovation. Since January 2024, Di Maggio has served as Full Professor of Finance at Imperial College Business School. He has continued his advisory role with the Mina Foundation and his fintech advisory work with GBK Collective while maintaining research involvement in financial markets, digital assets, and emerging financial technologies. ^[5]

Interviews

Crypto, DeFi, and Policy

On the Rational Reminder Podcast in December 2021, hosts Benjamin Felix and Cameron Passmore interviewed Di Maggio, who provided a comprehensive overview of cryptocurrency, DeFi, and their implications for traditional finance and monetary policy. He explained that cryptocurrency is primarily a digital currency used for payments, investment, or as a store of value, highlighting that it extends beyond Bitcoin to include various tokens, DAOs, stablecoins, and decentralized exchanges like Uniswap. Di Maggio emphasized that while blockchain technology fosters transparency, accessibility, and decentralization—offering advantages especially outside traditional financial infrastructures—it also poses risks, including a lack of accountability, cybersecurity vulnerabilities, and environmental concerns. He acknowledged the technological revolution brought by crypto, comparing its potential impact to the evolution of the internet, yet cautioned about regulatory uncertainties and the influence of private stablecoins on the transmission of monetary policy. The conversation covered central bank digital currencies, including China's digital yuan and the U.S.'s considerations regarding stability and financial inclusion. Di Maggio noted that cryptocurrencies derive their value from collective trust but lack a central authority, which raises questions about accountability and systemic risk. He observed that while Bitcoin and Ethereum serve as market proxies, alternative chains are emerging, and a winner-take-all scenario is unlikely due to interoperability. The episode underscored how crypto advancements could reshape global finance, challenge the role of central banks, and influence economic policies, all while acknowledging the technology's nascent stage and the importance of prudent regulation. ^[1]

Presentations

Lessons from Terra

At the Crypto Economics Security Conference in July 2020, Di Maggio discussed the economic design of Terra and the role of algorithmic stablecoins in addressing challenges within blockchain-based payment systems. He examined Terra’s approach to reducing cryptocurrency volatility through an algorithm-driven monetary model that adjusted supply in response to market conditions, supported by the Luna ecosystem token, which helped maintain stability during periods of contraction. Di Maggio also analyzed Terra’s adoption within Asian e-commerce markets, including its growing transaction activity, merchant integrations, and user engagement, as well as the economic factors influencing network growth and customer retention. The presentation covered Terra’s technical and ecosystem developments, including multi-chain smart contract capabilities, validator incentives, and efforts toward greater decentralization. Di Maggio also discussed emerging DeFi applications within the Terra ecosystem, including savings products designed to provide more predictable returns, and explored the broader implications of stablecoin systems for blockchain-based financial services and digital payments. ^[2]