Mohammad Shaikh, co-founder and former CEO of Aptos Labs, has announced his resignation from the company as he embarks on a new professional venture. Avery Ching, co-founder and the firm’s chief technology officer, has been appointed as the new CEO. Shaikh, who played a pivotal role in launching the Aptos mainnet in October 2022, has been instrumental in raising $400 million for the blockchain startup and establishing significant partnerships with major corporations.
In announcing his departure, Shaikh expressed strong confidence in the Aptos team and articulated his belief that they will bring the company’s vision to fruition in the near future. He emphasized the importance of this transition, with Ching now at the helm to guide the organization into its next growth phase. The company reiterated this optimistic outlook, indicating that it would be making substantial technical advancements in 2025 under Ching’s leadership.
Ching has also outlined plans to broaden the community of builders within the Aptos ecosystem, targeting expansion efforts in countries such as India, Vietnam, South Korea, Japan, and China. Aptos is designed as a layer-1 proof-of-stake blockchain, aiming for superior scalability, security, and transaction speeds compared to its major competitors like Ethereum and Solana . The platform employs the Move programming language, initially developed for Meta’s now-defunct Diem project.
Shaikh’s journey prior to co-founding Aptos included positions at Meta, BlackRock, Boston Consulting Group, and Consensys. His efforts have resulted in strategic partnerships with companies like google , Microsoft, and Mastercard. As he steps down, Shaikh will remain with Aptos in a strategic adviser capacity, intending to take time for reflection on future trends in finance and how Aptos can reinforce its position in the layer-1 blockchain landscape.
Despite the news of his resignation, the Aptos token experienced minimal impact, though it saw a slight decline amid a broader market downturn. The token still maintains a market capitalization of $6.4 billion, making it one of the notable players in the cryptocurrency market.
