Crypto market maker Portofino Technologies sees massive staff exodus after firing its co-founder and CFO

Portofino Technologies, a Switzerland-based cryptocurrency market-making company, received approval from the UK Financial Conduct Authority (FCA) earlier this year to serve institutional cryptocurrency clients in the UK. But in recent months, the company has experienced a large number of employee losses due to the dismissal of the company's co-founder and chief financial officer. In July, Portofino's COO and co-founder Alex Casimo and chief financial officer Jae Park were both fired. The move triggered the resignation of Vincent Prieur, head of strategy and operations, and Shane O'Callaghan, head of global business development, as well as a large number of employees at the company. People familiar with the matter said that since the two executives were fired, 10 to 12 people have left or are fulfilling their separation obligations, accounting for 30%-40% of the company's total employees at the time. A spokesperson for Portofino Technologies said that the company has hired new chief financial officer Mark Blackborough and senior sales trader Olivier Sultan; since then, the company has been actively recruiting and currently has four vacancies; the company's headcount has returned to summer levels. (Coindesk)