Mo Shaikh, co-founder of Aptos Labs, which supports its layer 1 blockchain, announced that he is stepping down as CEO. However, he chose to stay on as a strategic advisor to the company board.
In a lengthy post on X, Shaikh said that he is leaving the company “to start a new chapter.”
“Over the coming months, I plan to take some much-needed time to reflect on where the world is headed and to think deeply about the ways financial systems can evolve to continue to push Aptos as the most established layer 1 in the space.”
Aptos’ co-founder and CTO Avery Ching, will assume the CEO position “to drive the company into its next phase of growth,”
“I leave Aptos Labs with the utmost confidence in the team, and strongly believe the talent and drive of Aptos Labs will bring our collective vision to life in the near future.”
Shaikh claimed that one of his true passions is creating new projects like Aptos, from the ground up.
Aptos, a layer-1 blockchain, leverages a unique blockchain programming language called Move, which was originally created for Facebook’s ‘Diem’ project.
Shaikh also acknowledged the work of Aptos’ partners and investors, including Google, Microsoft, a16z, Coinbase, MasterCard and PayPal.
In June, Shaikh joined the Commodity Futures Trading Commission’s (CFTC) digital asset subcommittee. He will be helping the CFTC shape regulatory rulemaking regarding cryptocurrencies.
Aptos’ APT Token Experience Bearish Trend
Aptos blockchain has been performing well recently, with several new partnerships. Last month, the firm partnered with Circle and Stripe to enable seamless transfers across 8 blockchains, boosting DeFi interoperability.
Circle’s CCTP and USDC stablecoin will enhance blockchain interoperability, while Stripe will simplify fiat interactions.
Aptos also added former Grayscale Investments CEO Michael Sonnenshein and OpenAI Chief Product Officer Kevin Weil to its advisory board.
Following Shaikh’s resignation, its APT token experienced a bearish trend. The token was down by 1.97% and is currently trading at $11.65 at press time.
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