Mohammad Shaikh will no longer directly manage Aptos as before; instead, he will take on an advisory role for the project.
Mohammad Shaikh, co-founder and CEO of Aptos Labs, resigned to "start a new chapter" and will take on an advisory role for the project. The CEO position will be transferred to Avery Ching, co-founder and CTO of the company.
Shaikh and Ching co-founded Aptos Labs in 2021 and launched the Aptos mainnet in October 2022. Shaikh also played a key role in helping the company raise $400 million and establish numerous strategic partnerships.
"I leave Aptos Labs with a strong belief in the team and am confident that their talent and determination will bring our shared vision to life in the near future. Avery will take over as CEO to lead the company into the next phase of development,"
--Mohammad Shaikh expressed --
Aptos Labs also expressed optimism in a post on December 19, stating that the company will be more focused than ever and is committed to delivering significant innovations in 2025, driving the development of the ecosystem under Ching's leadership.
In a series of posts on X, Ching mentioned that Aptos will also expand its ecosystem-building community in countries such as India, Vietnam, South Korea, Japan, and China.
Aptos blockchain is a Layer 1 proof-of-stake platform designed to enhance scalability, security, and transaction speed compared to competitors like Ethereum, Solana, and Sui. This blockchain uses the Move programming language, initially developed for the Diem project, which was discontinued by Meta.
Shaikh has worked for numerous globally renowned tech companies.
Source: Salt
Previously, Shaikh worked at Meta, BlackRock, Boston Consulting Group, and Consensys, the Ethereum infrastructure company. He played a key role in helping Aptos establish strategic partnerships with companies like BlackRock, Google, Microsoft, Mastercard, and Franklin Templeton.
Shaikh also raised over $400 million from funds such as Andreessen Horowitz (a16z), Coinbase Ventures, Haun Ventures, and many others. Notably, a16z led a $200 million funding round in March 2022. Shaikh’s resignation has been met with widespread praise.
"Thank you for all your efforts over the years in building Aptos into what it is today "
-- commented crypto research firm Token Relations --
Shaikh stated that he will continue to serve as a strategic advisor for Aptos Labs. He plans to spend time reflecting on the future direction of the world, particularly in the context of the current financial instability, and how Aptos can become the leading Layer 1 blockchain.
APT/USDT price chart on the 4H timeframe on Binance.
Source: TradingView
Although this announcement did not have a significant impact on the APT token price, it has dropped 4% in the last 24 hours due to the overall market downturn. APT currently has a market capitalization of $6.4 billion, ranking 31st in the crypto market.
#USUALBullRun #MarketPullback #MarketCorrectionBuyOrHODL? #CorePCESignalsShift
