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Circle’s co-CEO Sean Neville will step down from his role, but continue his association with the company as an independent director, CoinDesk reported.
The peer-to-peer payments technology firm was co-founded by Neville and Jeremy Allaire in 2014. Circle is backed by $250 million from investors including Jim Breyer (Facebook), Goldman Sachs, IDG Capital (Baidu, Tencent), General Catalyst (AirBnB, Snapchat) and Accel Partners, with offices in Boston, New York, San Francisco, Dublin, London and Hong Kong.
It is worth mentioning here that Circle was the first company to receive a BitLicense from the New York Department of Financial Services in September 2015.
Neville informed the company’s Board of Directors of his plans to step down as co-CEO during a quarterly meeting.
While he did not specify any particular reason behind his decision, Neville said in an email (viewed by CoinDesk) that Circle’s recent sale of Poloniex was one of several factors that made “the time appropriate for me to transition.”
He will remain on Circle’s board as an independent director and continue working with CENTRE, the joint stablecoin-focused initiative between Circle and Coinbase.
“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,” Neville said. “As always, I remain stubbornly optimistic about our ability to devise and execute well-crafted things that improve our collective future.”
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