Another two top executives of crypto wallet platform Blockcain.com are about to leave the company, The Independent reported on Wednesday.
Citing anonymous sources, the report detailed that Liana Douillet Guzmán, chief operating officer of the company, and Chris Lavery, executive vice president of finance, are expected to depart the London-based company. Both of them are among the longest-serving executives of the firm.
Guzmán and Lavery’s exit will follow the departure of five executives late last year, and early this year, all of whom left the company within 12 months of their hire. Apart from the executives, many junior employees also left the blockchain startup.
Based on interviews with over a dozen former Blockchain.com employees, the publication outlined that the reasons behind the constant departures include a lack of growth opportunities and doubts over the business model of the firm.
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In addition, over half-a-dozen former employees also pointed out the management style of CEO Peter Smith as one of the key reasons behind the mass exit of employees.
Former staff alleged that Smith regularly belittled employees for minor errors and even made inappropriate comments about his dating life to female employees, the report detailed.
Lack of vision in business
Founded in 2011, Blockchain.com is among the oldest crypto companies operating today. The company mainly provides a free wallet platform to store Bitcoin. According to its website, it runs over 42 million wallets, which have transacted over $200 billion with “the lowest fees in the industry.” However, only 14 million users are actively using the wallet platform per the report.
Despite being one of the early players, the company struggled with its business model and could not register any profits to date on its books. The company is expected to become profitable in 2020, according to a spokesperson.
In July, the company jumped into the crypto trading business by launching an exchange. The market, however, is almost saturated and over-crowded with the presence of major players like Binance and Coinbase.