Mohammad Shaikh, co-founder and CEO of layer-1 blockchain Aptos Labs, has resigned from the top position to “start a new chapter,” with co-founder and chief technology officer Avery Ching taking over as the CEO.
Shaikh co-founded Aptos Labs alongside Ching in 2021, assisting in its mainnet launch in October 2022. He helped the firm raise $400 million and establish key partnerships.
“Today I am stepping away from Aptos Labs to start a new chapter,” Shaikh said in a Dec. 19 X post, before expressing confidence in the firm’s future.
“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. Avery will be stepping in as the Aptos Lab’s CEO to drive the company into its next phase of growth.”
Source: Mo Shaikh
Aptos Labs echoed the optimism in its own post on Dec. 19, saying its focus is now “sharper than ever” and that 2025 would see it deliver “massive technical innovation” to fuel ecosystem growth with Ching as the CEO.
In an X thread, Ching said Aptos would expand the ecosystem’s builder community in India, Vietnam, South Korea, Japan and China.
The Aptos blockchain is a layer-1 proof-of-stake blockchain designed for enhanced scalability, security and transaction speeds. Its competitors include Ethereum, Solana and Sui.
The platform leverages a blockchain programming language called Move, which was originally created for Meta’s shuttered Diem project.
Shaikh had previously worked at Meta, BlackRock, Boston Consulting Group and Ethereum infrastructure firm Consensys.
He has helped Aptos build strategic partnerships with the likes of BlackRock, Google, Microsoft, Mastercard and Franklin Templeton and raised over $400 million from a16z, Coinbase Ventures, Haun Ventures and others.
A16z, in particular, led a $200 million funding round in March 2022.
Shaikh’s resignation was met with praise, including a comment from crypto research firm Token Relations: “Thankful for all your hard work over the years building Aptos to what it is today.”
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Shaikh said he will be staying on board as a strategic adviser, adding that he plans to “take some much-needed time to reflect on where the world is headed,” specifically in the context of finance and how Aptos might become the “most established layer 1.”
The Aptos (APT) token wasn’t significantly affected by the news, but has fallen 4% over the last 24 hours amid a broader market downturn.
APT boasts a $6.4 billion market cap, making it the 31st largest coin in the crypto market, CoinGecko data shows.
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