Morph, the L2 incubated by Bitget, was aimed at a competition in the modular blockchain space.
However, it became a series of bumps, as Blockworks reported earlier, and is now confronted with another shakeup: the departure of a CEO.
CEO Cecilia HSUEH told BlockCworks that she is moving to an advisory role at the Layer-2 incubated by Bitget.
HSUEH has to announce her departure from the blockchain startup publicly, but said she told the leadership privately at the startup behind Bitget’s L2 that she intended to resign in March of this year.
“I spoke with Dragonfly the first day I made this decision,” she said in Ethdenver at the end of February. Dragonfly, who led the sperm of Morph last year, refused to comment.
‘Because I am Morph’s face, I don’t want to cause too much damage [for] Morph, “Hsueh explained in an interview.” For the last two [to] I have not really been involved in three months [in] The daily operation too much. “
However, she said that she only told employees about the coming changes after a Blockworks research was published earlier this month.
A dozen stream and former employees spoke with Blockworks about the working environment at Morph, including alleged power struggle between HSUEH and co-founder Azem Khan.
The source also told Blockworks that they found that both HSUEH and Foresight Ventures Partner Forest Bai were at the helm of Morph. Foresight is both the venture arm of Bitget and an investor in Morph. Bai also serves as chairman of the block.
Blockworks previously reported that BAI had been added to Slack in February, before HSUEH stepped aside, and employees were asked to add him to ecosystem and marketing meetings, according to a weak message that was seen by Blokwerken.
Bai, known that people said, acted as more than just an investor, in which several people refer to him as a ‘shadow -CEO’.
Morph, hsueh added, will now be led by Colin Goltra, who was previously the Chief Growth Officer. Bai will also stay as a consultant, she said.
Hsueh said Goltra was a “great” successor.
“He has been in space for more than 10 years, so even more than me, and he is very close to both Asia and Western markets,” she told Blockworks.
Goltra told me that he came to Morph early this year.
“Dragonfly, their talent team, has connected me a bit with Cecilia and Morph,” he said. “At the end of February, Cecilia decided to take a step back and a kind of initiating … a transition from power.”
Since then, Goltra has worked with BAI and other members of the leadership team to have the transition take place.
Goltra said that Bai “doesn’t really have a formal role”, but has been an “important part of this transition”.
Hsueh said she will stay as an “external adviser” for Morph, although she clarified that her role would be different from the role of Bai’s consultant.
Goltra said that Bai’s long -term goal is to “not be very involved in the future,” but added that he had played a heavier role in Morph because of the transition.
Morph, Hsueh said, now has a ‘stable team’, which helped her the decision to resign after experiencing a ‘health problem’ linked to her sleep.
Regarding the future of Morph, Goltra wants to continue to concentrate on Consumer Crypto, but wants to be more specific in tackling the L2.
“I think our first approach will be an onchain consumer financing,” he explained. “Stablecoins … have a moment. We have added a ton of defi. We really want to make a big game in payments.”
As he takes on the CEO role, Goltra said that he has spent the last few quarters on what consumer crypto means and the direction he thinks will make morphs more successful.
They are planning to concentrate heavily on Asia, but also on the US. The team would love to extend that to more a global mandate further, but Asia and us are now our best. “
Goltra refused to comment on the timing of a token launch, but told Blockworks that he is looking at things “month to month”, mainly because the beginning of this year was jerky and not ideal for a token launch in his eyes.
The team is currently not looking for a Serie A. “We are retaining the right to do this at some point”, but it is just not a central point for the L2.