Antonio Juliano, founder and CEO of dYdX 
DYDX -0.18% Trading Inc., the developer behind the decentralized derivatives exchange dYdX, has stepped down as CEO, citing personal and professional reasons.
“The change wasn’t sudden to the internal team, employees, or stakeholders. It had been in discussion," a spokesperson told The Block.
When asked if there were regulatory concerns that prompted the resignation, the spokesperson said, "The SEC has not taken action against dYdX Trading. We have not received a Wells notice and do not expect to receive one.”
Reflecting on a “rollercoaster” of emotions since writing the original dYdX whitepaper in 2017, Juliano said in a blog post on Monday that there were many times he felt so overwhelmed he wanted to leave.
However, since becoming “profoundly personally satisfied” and realizing he “[didn't] actually have to run [his] own company,” Juliano said that while he can't be replaced as dYdX’s founder, he can be replaced as CEO.
Ivo Crnkovic-Rubsamen takes over as CEO
Having progressively stepped back over the past two years, Juliano said his “longtime friend and partner in running the company,” Ivo Crnkovic-Rubsamen, was ready to take over as CEO. “It is because of all this I will be stepping down as CEO of dYdX Trading Inc. and transitioning to Chairman and President,” Juliano added.
“I have no plans for what comes next for me, and no idea what Iʼll do,” Juliano continued. However, the dYdX founder said he would “continue to drive major decisions and strategy,” and work closely with Crnkovic-Rubsamen as he runs day-to-day operations.
“dYdX is not finished. Not even close,” he added. “The opportunity is bigger than ever now. Itʼs becoming incredibly obvious that DeFi will be the dominant way crypto is used, and derivatives will play a large part in that. What we build will be determined in decades. I remain incredibly excited for that journey and my new part in it.”
The price of dYdX remained flat following the announcement and currently trades for $2, according to The Block’s price page.
Additional reporting by Yogita Khatri.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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