Crypto Market Maker Portofino Said to Be Hit by Another Wave of Staff Departures

Crypto trading firm Portofino Technologies has suffered another wave of senior staff departures months after losing its chief financial officer and general counsel, according to a person familiar with the matter.

Chief revenue officer Melchior de Villeneuve recently left the Swiss firm, said the person, who spoke on condition of anonymity because the matter is private. Chief of staff Olivia Thurman confirmed that she resigned from the company.

Two senior developers, Olivier Ravanas and Mike Tryhorn, and two junior developers are also said to have left the crypto market maker. De Villeneuve, who joined in January, according to his LinkedIn profile, didn't immediately respond to requests for comment. Nor did Ravanas and Tryhorn.

Portofino did not respond to multiple emailed requests for comment through an external spokesperson or to CEO Leonard Lancia's Telegram account prior to publication.

In an email sent after the report was published, Lancia disputed CoinDesk's characterization of the departures.

"The wording used implies unilateral resignations and individuals having 'left,' which does not reflect the nature of those departures," he wrote, while declining to elaborate.

"Portofino does not comment on individual employment matters. Reporting must not imply unilateral departures where that is not the case, and any language suggesting that must be amended," he wrote in a subsequent email.

The company has struggled to retain staff. Celyn Armstrong, general counsel and head of compliance, left the firm earlier this year. His exit followed that of Mark Blackborough, the company's former chief financial officer, who left in April.

Thurman had been at Portofino for almost 18 months and joined from Centerview Partners.

Portofino raised $50 million in equity funding in late 2022. It was founded by two former Citadel Securities leaders Leonard Lancia and Alex Casimo in 2021.

The Swiss firm told CoinDesk in March that it was exploring opening new offices in New York and Singapore.

Read more: FCA-Regulated Crypto Trading Firm Portofino Technologies Sees Staff Exodus

UPDATE (Nov. 27, 14:16 UTC): Adds CEO comments after email exchange.