Founder of dYdX steps down as CEO of firm behind decentralized exchange
Quick Take Antonio Juliano has stepped down as CEO of dYdX Trading Inc., citing personal and professional reasons. Ivo Crnkovic-Rubsamen will take over as CEO, with Juliano transitioning to Chairman and President.
Antonio Juliano, founder and CEO of dYdX DYDX -1.62% Trading Inc., the developer behind the decentralized derivatives exchange dYdX, has stepped down as CEO, citing personal and professional reasons.
“The change wasn’t sudden to the internal team, employees, or stakeholders. It had been in discussion," a spokesperson told The Block.
When asked if there were regulatory concerns that prompted the resignation, the spokesperson said, "The SEC has not taken action against dYdX Trading. We have not received a Wells notice and do not expect to receive one.”
Reflecting on a “rollercoaster” of emotions since writing the original dYdX whitepaper in 2017, Juliano said in a blog post on Monday that there were many times he felt so overwhelmed he wanted to leave.
However, since becoming “profoundly personally satisfied” and realizing he “[didn't] actually have to run [his] own company,” Juliano said that while he can't be replaced as dYdX’s founder, he can be replaced as CEO.
Ivo Crnkovic-Rubsamen takes over as CEO
Having progressively stepped back over the past two years, Juliano said his “longtime friend and partner in running the company,” Ivo Crnkovic-Rubsamen, was ready to take over as CEO. “It is because of all this I will be stepping down as CEO of dYdX Trading Inc. and transitioning to Chairman and President,” Juliano added.
RELATED INDICES
“I have no plans for what comes next for me, and no idea what Iʼll do,” Juliano continued. However, the dYdX founder said he would “continue to drive major decisions and strategy,” and work closely with Crnkovic-Rubsamen as he runs day-to-day operations.
“dYdX is not finished. Not even close,” he added. “The opportunity is bigger than ever now. Itʼs becoming incredibly obvious that DeFi will be the dominant way crypto is used, and derivatives will play a large part in that. What we build will be determined in decades. I remain incredibly excited for that journey and my new part in it.”
The price of dYdX remained flat following the announcement and currently trades for $2, according to The Block’s price page .
Additional reporting by Yogita Khatri.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Kaspa Faces Price Flatlining: Is KAS’ Growth Dimming?
South Korea Slaps Worldcoin and TFH with $830K Penalty for Mishandling Data
Propelled by crypto inflows, US ETF assets hit record $10 trillion
The Daily: Tornado Cash co-founder's motion to dismiss denied, Lummis says Republican Senate would benefit digital assets, Bitcoin ETFs see largest i
Tornado Cash co-founder Roman Storm is set to face a trial on money laundering charges after a U.S. judge rejects his motion to dismiss the case.Sen. Cynthia Lummis said a flip to a Republican-controlled Senate following this year’s elections would bode well for digital assets.U.S. spot Bitcoin ETFs registered $365.7 million worth of net inflows on Thursday — the largest since late July.The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Trending news
MoreCrypto prices
More
