Leadership departures put Portofino's growth strategy at risk

Leadership Changes Intensify at Portofino Technologies

Portofino Technologies, a crypto trading company based in Switzerland, is experiencing a fresh wave of high-level departures, further fueling doubts about its capacity to hold onto top talent during a period of organizational overhaul. Recently, chief revenue officer Melchior de Villeneuve—who had only joined in January 2025—and chief of staff Olivia Thurman, after an 18-month tenure, both exited the firm. In addition, two senior developers, Olivier Ravanas and Mike Tryhorn, as well as two junior developers, have also left, according to individuals familiar with the situation. These exits come on the heels of earlier resignations by general counsel Celyn Armstrong and former CFO Mark Blackborough in 2025, casting uncertainty over the company’s leadership stability.

Founded in 2021 by former Citadel Securities executives Leonard Lancia and Alex Casimo, Portofino has faced ongoing challenges in retaining staff, despite raising $50 million in equity funding at the end of 2022. The company has considered expanding its presence to New York and Singapore, but has not addressed the recent departures publicly. Requests for comment from de Villeneuve, Ravanas, and Tryhorn have gone unanswered, according to sources. Industry analysts warn that this talent drain could hinder Portofino’s efforts to grow, especially as competition among crypto market makers intensifies. The firm’s dependence on a small group of ex-Citadel leaders may make it even harder to keep employees, particularly in a sector where skilled professionals are in high demand.

Broader Industry Implications

These staff changes underscore wider challenges within the crypto sector’s job market. Although Portofino has previously succeeded in attracting prominent hires, the trend of senior employees leaving shortly after joining points to possible disconnects between company objectives and staff expectations. For example, Thurman’s decision to leave—after moving from Centerview Partners in what was seen as a commitment to Portofino’s growth—may indicate dissatisfaction with the company’s direction or internal operations, according to reports.

Potential Impact on Compliance and Expansion

The ongoing turnover at the top could also affect Portofino’s ability to meet regulatory requirements. Armstrong’s earlier departure this year left a gap in compliance oversight at a time when crypto regulations are tightening in the UK and elsewhere. As Portofino considers opening new offices in international markets like New York and Singapore, it may need to strengthen its governance to manage increasingly complex regulatory demands.

Uncertainty and Future Prospects

The company’s lack of public response has led to further speculation about its internal situation. Despite having secured substantial investment, the repeated loss of key personnel raises doubts about Portofino’s ability to achieve its long-term objectives. In an industry where reputation and accumulated expertise are vital, these ongoing challenges could make it harder to attract new talent and may shake investor confidence.