# Ming Zhao

> Ming is founder and CEO of Atomic Vaults, a fintech startup democratizing access to options markets; known for integrating traditional finance with digital assets, Ming is a prominent finance and fintech figure providing innovative trading solutions.

- Canonical URL: https://iq.wiki/wiki/ming-zhao
- Categories: People in crypto
- Tags: Founder, Speaker
- Created: 2026-08-20T01:49:21.911Z
- Last updated: 2026-08-20T02:06:16.290Z
- Source: IQ.wiki — the world's largest blockchain and crypto encyclopedia (https://iq.wiki)

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**Ming Zhao** is the Co-Founder & CEO of Atomic Vaults. With a background in finance and technology, Zhao has established herself as a pivotal figure in the intersection of traditional finance and [digital assets](https://iq.wiki/wiki/digital-assets). She is also noted for her active engagement in enhancing retail investors' access to sophisticated trading options previously reserved for institutional investors. [\[1\]](#cite-id-9970SL7xu37e5j9m)​

## Education

Ming Zhao attended Columbia University, where he studied Computational and Applied Mathematics and graduated Magna Cum Laude. During his studies, he was a member of Phi Beta Kappa and worked as a Teaching Assistant for Linear Algebra and Multivariable Calculus. [\[8\]](#cite-id-FmQtxcs7PuEas3kk) 

## Career

#### Finance

Ming Zhao worked at Citi in Sales and Trading in 2015, with responsibilities involving interest rate swaps, corporate credit, and equity derivatives trading. From December 2015 to May 2017, she was an Investment Analyst at Point72 in the Greater New York City Area, which served as the basis for later work with [blockchain](https://iq.wiki/wiki/blockchain).

#### Software Engineering and Cybersecurity

From June to December 2017, Zhao worked as a Software Engineer at The Human Diagnosis Project in San Francisco. She joined Darktrace in January 2018 as a Technical Account Manager and remained in the role until June 2019.

From June 2019 to January 2021, Zhao was Co-Founder and CTO of DeNexus, Inc. The company developed the DeRISK SaaS platform, which used network and cyberthreat information to quantify potential financial impact for businesses.

#### Atomic Vaults

In July 2021, Zhao became Co-Founder and CEO of Atomic Vaults. The company operates a retail trading technology platform that uses cloud-native infrastructure and provides fractional options trading.

Zhao has also participated in [Web3](https://iq.wiki/wiki/web3) and crypto finance communities through activities associated with Atomic Vaults, including industry forums and conferences concerning crypto finance and the interaction between traditional financial systems and [digital assets](https://iq.wiki/wiki/digital-assets). [\[1\]](#cite-id-9970SL7xu37e5j9m) [\[2\]](#cite-id-BRRa5UKchzAJw6kG) [\[3\]](#cite-id-3RjQ6VlC51kAGwSy) [\[4\]](#cite-id-siatyP54EUa0PCUP) [\[5\]](#cite-id-V6EqzvCUvOoP9lQo) [\[6\]](#cite-id-f2MMgvivAVkKnSIo) 

## Interviews

#### Startup Financing and AI Market Dynamics #01

Ming Zhao was interviewed by Jonah Lupton for Investing With the Whales in an episode released on April 25, 2023. The discussion covered startup financing, venture capital, company valuations, the effects of the Silicon Valley Bank collapse, fintech consolidation, commercial real estate in San Francisco, and the development of artificial intelligence.

[YOUTUBE@VID](K1AwYcFnpx4)

Zhao discussed venture debt as a financing mechanism used by startups alongside equity financing. She described it as debt that generates interest and requires repayment of principal, with agreements potentially including warrants that provide lenders with an opportunity to acquire equity. She also described Silicon Valley Bank as a frequently used provider of credit facilities for startups and attributed its failure to a mismatch between the maturities of its assets and the withdrawal characteristics of its deposits. According to Zhao, rapid withdrawals contributed to the bank's collapse and affected the availability of venture debt for startups.

The discussion distinguished startup financing conditions by company stage. Zhao stated that seed-stage and Series A companies had experienced less pressure on valuations than later-stage companies, with artificial intelligence companies attracting investor interest. For companies at Series C and later stages, she described limited access to the public markets and difficulties raising new capital at previous valuations. Options discussed included down rounds, flat rounds, additional debt financing, and reductions in operating expenses, including workforce reductions.

Zhao also described changes in venture capital investment practices during the market downturn. According to her, investors were conducting more due diligence and directing capital toward a smaller group of companies. She contrasted this approach with the broader investment activity observed during the 2021 market cycle, when venture firms participated in a larger number of startup financings.

The conversation addressed potential consolidation in fintech, including acquisitions involving brokerage companies established during 2020 and 2021. Zhao discussed customer accounts as one factor that could influence acquisition decisions, particularly in an industry where acquiring new customers can involve substantial costs. She also explained that liquidation preferences in investment agreements can affect the distribution of proceeds from an acquisition and may leave founders with limited proceeds when a company is sold below its previous valuation.

Commercial real estate in San Francisco was another topic. Zhao described lower office occupancy following the expansion of remote work and discussed the relationship between occupancy, rental income, and property financing. She noted that increases in interest rates could raise financing costs for properties with floating-rate debt, potentially contributing to defaults, foreclosures, or property sales. The discussion also covered the effect of remote work on technology hiring, including the ability of companies to recruit employees outside the San Francisco area and operate with smaller office spaces.

Zhao discussed the continued concentration of artificial intelligence companies and research activity in the San Francisco Bay Area. She attributed this concentration to the presence of universities, research institutions, technology companies, and specialized talent in the region. The discussion included generative AI applications involving images and video, as well as large language models such as ChatGPT.

The interview also examined the use of generative AI in search. Zhao discussed ChatGPT as an alternative interface for obtaining information and suggested that broader adoption of AI-based search could alter existing search and digital advertising models. She also identified computational costs as a factor in the economics of AI-based search, since generating responses can require more computing resources than conventional search queries. [\[7\]](#cite-id-u0reNy44bgmIVRUL)