PR veterans Afik Rechler and Tal Shmuel Harel are the co-founders of Chainstory.
Israel is a Web3 powerhouse and a hub for many entrepreneurs. For some, the journey began in the early days of Bitcoin. Today, the country is home to over 100 venture-backed Web3 startups, with over $4.5 billion raised in the Israeli crypto ecosystem.
Chainstory, a Tel Aviv-based crypto PR agency, prides itself on its unorthodox, results-driven approach to public relations and is designed to capitalize on this thriving blockchain scene. But the company had a rocky start. PR veterans Tal Shmuel Harel and Afik Rechler were about to launch when Hamas attacked Israel in October 2023, and the two co-founders suddenly found themselves called up for 5 months of military service.
“Without knowing how long we would both be called upon, launching our new business was met with many obstacles,” Harel said in an exclusive interview with me. “All we knew was that we were fully motivated to continue.”
Of course, Harel and Rechler weren’t the only ones who had to put their personal ambitions aside. Many companies were forced to operate in “war-ready mode” when their employees were called up for military service. This meant they had less room to take on new projects and meet the expectations of existing customers.
Israel’s most established tech companies have managed to keep their heads above water. Publicly traded software company JFrog, for example, put a business continuity plan in place within hours of the attacks, minimizing disruption to its operations even as more than 100 of its 800 Israel-based employees were called up for military service.
But for other companies, like data integration startup Rivery, the situation was much more dire. Backed by more than $48 million in investment capital from several American and Israeli venture capital firms, they suddenly found themselves without a leader. Founder and CEO Itamar Ben Hemo, who fought as a reservist, was wounded and ran the company for weeks from his laptop while lying in a hospital bed.
Rechler and Harel’s launch of Chainstory was delayed when they were called up to serve in the military. … (+)
Despite the delay in its launch, Chainstory has nevertheless been able to hit the ground running. The company has already helped to publicize the latest developments in the country’s “digital shekel” project on behalf of one of its early partners, Masterkey VC.
“As a VC that actively invests in early-stage startups, it’s important for us to get our name out there and demonstrate our expertise and authority in different areas of the crypto industry,” said Sara Eyal, VP of Business Development and Investor Relations at Masterkey VC, in an exclusive interview with me. “We’ve had several opportunities to work with Chainstory on PR, and I can confidently say that they are great, great to work with, and most importantly, they deliver on their promises.”
David Wigger, Managing Director of another investment firm, LIAN Group, which builds and funds successful companies across multiple industries, added: “Chainstory has done a great job of providing us with interesting interviews and commentary opportunities related to the crypto industry on topics that are important to us.”
Chainstory’s rise has been aided by the need for Web3 companies to overcome the stigma attached to the cryptocurrency industry, which is still widely perceived as a haven for scammers and fraudsters of all shapes and sizes. “While the cryptocurrency industry is known for the incredible enthusiasm of the communities that have grown around projects like Bitcoin and Ethereum, a significant portion of the population still has very negative perceptions,” Harel says. “The industry needs to win over these detractors if it wants to move to the next level.”
Aside from these issues, Harel believes that public relations in the cryptocurrency industry has been on the decline in recent years, partly because the aforementioned scammers flood distribution services with unverified press releases in order to manipulate investors. Another problem that needs to be addressed, he says, is that many cryptocurrency companies fail to recognize that these press release distribution services are not always as effective as they think.
Additionally, most PR agencies operate on a traditional monthly fee model. This may work for companies that have a lot of information to share, but it may be less effective for the large number of cryptocurrency companies that don’t. Rather than committing to a certain deadline, Chainstory’s clients commit to a set number of deliverables, ensuring they receive the organic media attention they need to strategically build brand awareness.
“I’ve spoken to dozens of Web3 founders, creators, and even CMOs over my career in the crypto industry, and surprisingly, most of them have very little idea of what they’re actually trying to accomplish in terms of PR and communications,” Rechler said in an exclusive interview with me. “So when you bring up some of their problems and explain how you can solve those problems using strategic PR and content marketing, it helps them feel more confident in trying. They appreciate the transparency.”
Chainstory’s latest initiative is to partner with journalist Pedro Solimano of TheDefiant for a podcast series called Beyond The Beat. With this initiative, Harel and Rechler aim to improve the communication of the crypto industry by helping Web3 founders, C-suite executives, and PR enthusiasts learn the ins and outs of crypto media.Beyond the rhythm “This is our way of giving back to the crypto industry,” Rechler says.
Harel and Rechler’s vision with Chainstory is to bridge the gap between blockchain’s visionary leaders and the PR and communications consulting they need to thrive. “It’s not just about shaping the future of technology, but also empowering those who will lead it,” Harel says.
