Blockchain, the cryptocurrency wallet and services provider, has experienced a wave of executive departures according to a report by The Information.
Chief Operating Officer Liana Douillet Guzmán and executive vice president of finance Chris Lavery are reportedly expected to leave the firm. Guzmán and Lavery were two of the longest-serving executives at Blockchain. According to their LinkedIn profiles, Guzmán joined Blockchain in 2016 and Lavery joined in 2015. The firm also laid off approximately 15% of its staff earlier this year.
The Information also reports that between late 2018 to early 2019, five senior executives left Blockchain within 12 months of being hired. These executives include the head of institutional sales and strategy, the global head of security, and the general manager of Blockchain's flagship wallet product.
According to The Information's sources, Blockchain's 2018 Airdrop Program with Stellar and hardware wallet product launch was seen as a failure. A Blockchain spokesperson told The Information that the initiatives were a success.
Founded in 2011, Blockchain is backed by notable investors including Roger Ver, Barry Silbert's Digital Currency Group, Lakestar, and Google Ventures, among others. The firm raised a $40 million Series B in 2017, and $30.5 million in Series A funding back in 2014. Back in July, the firm launched a cryptocurrency exchange called The Pit, claiming to be one of the "fastest" in the market.