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Circle co-founder Sean Neville will still remain on the board of Circle as an independent director and will work on CENTRE, a collaboration between Circle and Coinbase.
In a major turn of event at crypto startup Circle, Sean Neville will be stepping down from his role as the Co-CEO of the company. In an email secured by CoinDesk, Neville notified his decision during a quarterly meeting among the Board of Directors.
Neville found this Boston-based peer-to-peer payments technology company in partnership with Jeremy Allaire, in 2014. While Neville decided to step down from the role of Co-CEO, he will continue as the company’s independent director.
Neville has not explicitly stated the reason behind his decision. However, in the email, he mentions that the company’s recent sale of Poloneix exchange which was one of the factors for him to opt for this transition. The good news is by staying on Circle’s board, Neville will continue working with CENTRE. CENTRE is a collaboration between Coinbase and Circle and the issuer of USDC stablecoin. In his email, Neville wrote:
“I also expect to propel the mission forward through CENTRE and other new complementary paths that traverse worthwhile challenges in infrastructure, regulatory policy, economics, and product design. As always, I remain stubbornly optimistic about our ability to devise and execute well-crafted things that improve our collective future.”
But before starting with his new role, Neville will be on a sabbatical for some time. Over the last few years, under the leadership of Neville and Allaire, Circle has made massive progress. It was one of the first companies to receive the toughest BitLicense from the New York Department of Financial Services in the year of 2015.
Last year in February 2018, Circle had acquired the popular Poloniex exchange for around $400 million. However, within a year, it decided to part way and sold it following the launch of its new exchange platform.
Circle announced its new platform “Polo Digital Asset” specifically to serve U.S. customers. The blog post mentioned that U.S. customers will no longer be able to create an account on Poloniex. Explaining the reason behind its decision, Circle said: “The spinout will free us to focus on the needs of global crypto traders with new features, assets and services”.
It will be interesting to see that who will be filling Neville’s shoes or will the company work under Allaire’s single leadership ahead.
Let us also remind you that as the year is getting closer and closer to its end, this news is not the first one about changes in the companies’ management. Just yesterday we reported about huge changes within Google and Alphabet structure. Now Google CEO Sundar Pichai is a new Alphabet CEO as well while Google co-founders Larry Page and Sergey Brin will serve more as the company’s advisors.