FCA-Regulated Crypto Trading Firm Portofino Technologies Sees Staff Exodus

The resignation of the corporate’s co-founder and CFO in July set off a wave of exits.

A brand new CFO and a senior gross sales dealer have now been employed.

Portofino Applied sciences, a Swiss-based crypto market firm that gives the nod earlier this 12 months from the Monetary Conduct Authority (FCA) to serve institutional crypto shoppers in Britain has seen an exodus of workers in latest months, following the resignation of the corporate’s co-founder and head of finance.

Each Portofino Chief Working Officer and co-founder Alex Casimo and Chief Monetary Officer Jae Park had been fired in July. This subsequently led to the resignations of Vincent Prieur, head of technique and operations, and Shane O’Callaghan, international head of enterprise improvement, in addition to a good portion of the corporate’s workers.

Between 10 and 12 individuals have left or are resigning for the reason that two executives had been fired, representing between 30% and 40% of the corporate’s workforce on the time, in response to an individual conversant in the scenario.

A brand new CFO, Mark Blackborough, has now been employed, as has senior gross sales dealer Olivier Sultan.

“Portofino has made the choice to strengthen sure parts of our management staff to make sure we’re finest positioned to capitalize on what is predicted to be a report 12 months,” a spokesperson mentioned through electronic mail.

Since then, the corporate has been actively recruiting and at present has 4 vacancies open. The corporate’s workforce is again to summer time ranges, the spokesperson mentioned.

Portofino, which one raised $50 million in fairness financing in late 2022, and was based in 2021 by two former Citadel Securities leaders Leonard Lancia and Alex Casimo.

Portofino CEO Lancia seems to have criticized job and recruitment market Glassdoor, calling it a “poisonous work setting.”

“The CEO is inexperienced and risky. His selections will not be for the good thing about the corporate, however solely his personal,” mentioned one overview.