Payments company Circle will install a new CEO at the start of 2022 later on one of its original co-founders steps down from the position.

According to cryptocurrency media outlet CoinDesk on Dec. five, co-founder and co-CEO Sean Neville will transition to a post on the company's lath of directors in Jan.

Sean Neville becomes board member

Neville launched Circle with Jeremy Allaire in 2022, and has presided over its metamorphosis in the ensuing years, including a pivot away from Bitcoin (BTC) and the acquisition of cryptocurrency substitution Poloniex terminal year.

As Cointelegraph reported, Circumvolve is now selling Poloniex, Neville describing the electric current events as forming an appropriate time to switch roles.

He will additionally proceed his activities with Center, the project between Circumvolve and cryptocurrency exchange Coinbase which produced the company'southward native stablecoin, USD Coin (USDC). CoinDesk quoted him as stating in an email:

"I also expect to propel the mission forwards through Centre and other new complementary paths that traverse worthwhile challenges in infrastructure, regulatory policy, economics, and production design."

Neville has yet to confirm the move, and at press time had not updated his personal information on resources such as LinkedIn to reflect any changes.

All change at Circle

Circumvolve's sale of Poloniex, which information technology originally acquired for $400 million, has non gone without controversy. As office of the spin-out, United States traders volition no longer be able to use the platform at all.

This calendar week, executives announced that those who do not withdraw their funds from Poloniex before a December. sixteen deadline would face various recriminations, including potential confiscation of their entire balance.

Last month, several former executives at Circumvolve launched their own cryptocurrency trading firm. CMS Holdings is headed past Daniel Matuszewski, the former head of Circle's over-the-counter, or OTC, trading arm.

Cointelegraph has reached out to Circle and Neville for comment, but had not received a response at press time.