Co-Founder Sean Neville To Quit As Circle CEO, Offering No Specific Reason

  • Sean Neville founded Circle with Jeremy Allaire in 2015.
  • Neville will be stepping down by the end of December, according to an email addressed to the company.

Sean Neville is on the board of directors with Circle, but he will soon be leaving his position as co-CEO, according to reports from CoinDesk and The Block. Neville is due to step down before the month of December is over, stating in a company email that he thought the timing was “appropriate” for the transition.

However, there seems to be no specific reason to support this exit. He also noted that he would be taking a sabbatical, but the amount of time he is going to take for his other endeavors was also unclear.

Though Neville will still be on the board, he will become an independent director, and he still plans to be involved with CENTRE, Circle’s joint project with Coinbase. CENTRE is responsible for issuing the USDC stablecoin. 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.”

Circle was formed as a collaborative effort between Neville and Jeremy Allaire in 2014, originally established as a payments firm.

Once the team secured a BitLicense from the Department of Financial Services in New York, making them the first to receive approval, the company managed to move into cryptocurrency.

In February 2018, Circle purchased Poloniex for a cool $400 million, before selling the exchange to a group of investors (including Justin Sun) in a sale less than two years later.

Also Read: Crypto Exchange Poloniex Delisting DGB After DigiByte Founder Criticizes Justin Sun’s Tron

Not long before the sale, Poloniex explained that it would be preventing US customers from having access to certain digital assets on their platform, though it is unclear if this move is what led to the sale. With the new independent platform, US customers will not be served.

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