Paxful, a peer-to-peer bitcoin marketplace, has announced the appointment of Roshan Dharia as its interim CEO. In his new role, Dharia will focus on strengthening the company’s operations and exploring strategic alternatives. Dharia expressed his excitement about the opportunity, saying, “It’s a great honor to become CEO of Paxful. I look forward to hitting the ground running and building on the innovative technology developed by the Paxful team.”
Former CEO Acknowledges New Appointment
Ray Youssef, the former CEO of Paxful, acknowledged Dharia’s appointment and implicitly criticized it. In a tweet, Youssef said, “Paxful has a new defi CEO…expect a token soon.” He also stated that he had no involvement in Paxful’s business decisions and urged users to address their concerns to Dharia directly.
Past Disagreement Leads to Change in Leadership
According to reports from Cointelegraph, Youssef had a disagreement with co-founder Artur Schaback in early 2023 over the use of exchange funds. This disagreement resulted in blocked salaries and resignations from certain teams and contractors. Youssef allegedly shut down Paxful on his own accord when it halted services on April 4th. He subsequently stepped down from his role and committed his funds to a public trust that would be used to repay users. The platform eventually announced its reopening on May 8th.
Background of the New CEO
Dharia previously served as a senior executive at TrustToken, which is best known for TrueUSD (TUSD), the fifth-largest stablecoin by market cap. With his experience in the blockchain industry, he is expected to bring innovative ideas and strategies to Paxful in his new role.
Paxful has appointed Roshan Dharia as its interim CEO, with a focus on strengthening operations and exploring strategic alternatives. The former CEO, Ray Youssef, acknowledged the appointment and implicitly criticized it. The change in leadership at Paxful stemmed from a disagreement between Youssef and co-founder Artur Schaback over the use of exchange funds. The new CEO, Dharia, brings experience in the blockchain industry and is expected to bring fresh ideas to the company.