Suddenly issues like budgets, controversial personalities and questionable business practices are much more acute problems than they were during last year's raging bull market. In particular, the collapse of the Terra blockchain's UST stablecoin helped send Celsius and Voyager Digital as well as hedge-fund Three Arrows Capital into bankruptcy proceedings while also causing pain for many other firms. “All of a sudden, you are not just dealing with your early adopters, you are starting to slowly cross the chasm,” said Farrokhnia, who is executive director of Columbia's Fintech Initiative.Įven before this year's carnage, crypto was undergoing this type of evolution the rout has acted as an accelerant.
Moore discusses the “diffusion of innovations” theory, which attempts to explain how new technologies spread, and describes the chasm that emerges between innovators, early adopters and the more pragmatic mainstream users who come later.
The current crypto environment looks to him like a new chapter out of the 1991 business classic Crossing the Chasm. Farrokhnia, professor at Columbia Business School, the changing of the guard is not a unique phenomenon when considering the history of high-tech products. Sam Trabucco departed his co-CEO position at crypto trading firm Alameda Research Michael Moro left as CEO of Genesis Global Trading Aya Kantorovich left FalconX Ltd., where she was head of institutional coverage and Voyager Digital Chief Financial Officer Ashwin Prithipaul stepped down from his post at the crypto broker, which also succumbed to bankruptcy.įor R.A. Some founders could be “moving on because the industry is getting more professional and they come from an era where it was more tin-hat.”Īmong other high-profile shifts in recent months: Michael Saylor, the software executive-turned-Bitcoin evangelist, gave up his CEO title at MicroStrategy Inc. “In down markets, people restructure management for a bunch of reasons, one definitely being that the business and industry has matured and they are putting in a new management team to fit the environment,” said Stephane Ouellette, chief executive of FRNT Financial Inc. Mashinsky, for example, was replaced on an interim basis during Celsius' bankruptcy proceedings by Chris Ferraro, whose resume includes 18 years at JPMorgan Chase & Co. Gone are some of the founders famous for bombastic personalities and social-media feuds with competitors and skeptics - replaced, in some cases, by a more buttoned-up style of executive from the world of traditional finance.
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