How We Started

FRST was founded in 2017 by Patrick Gorrell and Jonas Frost. Based in Chicago but with customer, investor, and engineering relationships worldwide, FRST began with three simple research questions.

Can we determine who has made the most money investing in cryptocurrencies (and how much)?

Can we find which transactions were “home runs” versus “base hits” in a given portfolio?

Can we run test portfolios that mimic observed strategies or allocative decisions?

Our Team

Karl Muth


As CEO, Karl leads conversations with FRST’s customers, partners, and investors. Karl also acts as the face and voice of FRST, whether writing blogs or appearing at industry events. An economist by training and tech entrepreneur for two decades, Karl ensures FRST’s technology is ready for contact with hard questions from the worlds of economics and finance.

Karl has spent his career advising, investing in, and starting companies. He coached founders and startups for Microsoft Ventures and the Thiel Fellows program. Immediately prior to joining FRST, he was the founder and CEO of Haystack, a company that develops large-database media library search tools; this patented technology is used by leading music, podcast, and video platforms. In addition to his professional work, Karl is active in academia. He is the youngest person ever appointed to teach across five disciplines at Northwestern University, where he created the popular Innovation Management curriculum focused on startups.

Jonas Frost


As Founder and CTO at FRST, Jonas shares decades of expertise in building and scaling enterprise-grade systems. With his highly-skilled data and engineering teams, he manages the infrastructure trusted by many of the highest-performing human and automated trading desks in the world.

Jonas has a 20+ year track record of founding technology companies around the world. Originally from Sweden, he is most known for his work as CEO and CTO of Playahead, one of the first web-based social networks that oftentimes held the highest traffic volume in northern Europe. Jonas moved to the U.S. while holding the role of CEO and Founder of Bombsquad, Inc., where he led a team of engineers in spearheading enterprise application solutions for clients like Sony Entertainment. Jonas is an expert at deploying, testing, maintaining, and fine-tuning high-performance systems; rare among CTOs, he is as comfortable plugged in writing code as he is managing teams of developers.

Patrick Gorrell

Head of Product

As Founder and Head of Product at FRST, Patrick created FRST’s initial heuristics and personifications of transaction patterns. Patrick currently leads our data science and product development teams while working directly with our clients and investors, some of the world’s top trading firms and venture capital funds.

Patrick’s expertise lies at the intersection of software development, entrepreneurship, leadership, and product development. As VP of a renewable energy contractor, he developed reporting systems and CRM software. At Local ELS, he led a team of designers building 20-35 websites per day for small- and medium-sized online businesses. Patrick also managed the development of Hyundai's “Uber for Test Drives,” and, before founding FRST, was the VP of Speakr, Inc., where he brought significant organizational change and built a suite of powerful tools for managing, monitoring, pricing, and brokering the visibility of many of the world’s top social media profiles and search results.

Want to play laser tag with one of us? Or just grab coffee? Let’s Chat

Our team is ever-growing and includes experts in data science, econometrics, engineering, and finance working alongside specialists in communications, marketing, operations, and strategy.

Back End

The backend development team uses graph query language (GQL) to develop FRST’s API and create new toolsets for customers.

Distributed across three time zones, the backend team works around the clock in Node, Go, C/C++/C#, Python, and Rust to build applications that run on AWS, Google Cloud, and Azure and work through large volumes of customer queries in GQL (and soon SQL).

Front End

The frontend development team uses React and Javascript to build and test the frontend of FRST, which includes the intake/import of queries and the presentation of UI.

The frontend team also works directly with trading desks, research desks, and venture capital firms to help them build dashboards and representations that meet their needs.


The data science team uses Python, EMR, Spark, Neo4j, Graphframes, and R to analyze data sourced from the blockchain, from exchanges, and from proprietary data troves.

The data science team sources, ingests, transforms/formats, and optimizes data sets for use on the FRST platform. Data science also leads the categorization and personification of blockchain activity.

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