Circle Loses Its Co-Founder Who Plans To Step Down At The End Of December

Circle's co-CEO, Sean Neville wrote in an email recently to the platform’s Board of Directors saying that he notified them during a quarterly meeting that he would be stepping down from his position at the end of December. However, despite this change, Neville will remain as one of the members of the board of directors but instead, he will be an independent director.

The Next Chapter

Neville didn’t actually give a specific reason for him leaving the firm but he did say in his email that the company’s recent sale of the Poloniex platform was one of many contributing reasons that made “the time appropriate for me to transition.”

As a quick recap of this, Circle acquired Poloniex in February last year for an estimated $400 million. Despite this, the company sold off the platform less than two years later to a group of investors. One of those investors included TRON’s Justin Sun. Before the sale though, the platform was going through a rough patch and revealed that it would “geofence” specific cryptocurrencies away from its US consumer base.

Back to Circle. It is believed that Neville will continue working with CENTRE though, the collaboration effort between Circle and Coinbase which is the issuer of the USDC stablecoin. 

“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.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!