Portofino Technologies Grapples with New Wave of Executive Departures

The Swiss cryptocurrency market maker Portofino is facing fresh challenges on the talent retention front as multiple senior executives and developers recently departed the firm. In what marks another chapter in the company’s ongoing personnel struggles, the firm has lost key leadership roles including its chief revenue officer and chief of staff within recent weeks, according to individuals with knowledge of the situation.

Latest Round of Executive Exits Accelerates Staff Turnover

Chief Revenue Officer Melchior de Villeneuve and Chief of Staff Olivia Thurman both recently exited Portofino, the person confirmed. Thurman, who had spent nearly 18 months at the firm after joining from Centerview Partners, acknowledged her resignation publicly. The departures didn’t stop at the executive suite—two senior developers, Olivier Ravanas and Mike Tryhorn, along with two junior developers, also left the organization, marking a significant blow to the company’s technical capabilities.

De Villeneuve, who had only been with Portofino since January according to his professional profile, did not immediately respond to inquiries about his departure. Similarly, Ravanas and Tryhorn remained unavailable for comment. When approached for a statement, Portofino’s leadership declined to provide details through their external communications channel, and multiple attempts to reach CEO Leonard Lancia through Telegram proved unsuccessful.

The Bigger Picture: A Pattern of Talent Exits

This latest wave of departures is far from an isolated incident. The crypto trading platform has struggled with staff retention over an extended period. Earlier this year, Celyn Armstrong, who served as general counsel and head of compliance, departed the firm. His exit followed the departure of former Chief Financial Officer Mark Blackborough in April, indicating a pattern of senior-level departures that extends back several months.

The cumulative effect of these personnel changes raises questions about workplace stability and retention challenges at the otherwise well-funded organization.

CEO Pushes Back on Departure Characterization

Following media reporting on the staff exits, CEO Leonard Lancia sent a statement disputing the specific language used to describe the departures. He emphasized that the characterization implied “unilateral resignations,” which he argued did not accurately reflect what had actually occurred. “The wording used implies unilateral resignations and individuals having ‘left,’ which does not reflect the nature of those departures,” Lancia wrote in correspondence after the initial reporting.

The CEO declined to elaborate on the specifics but stressed that Portofino maintains a policy of not commenting on individual employment matters. He requested that any future reporting avoid language suggesting unilateral departures where such descriptions would be inaccurate.

About Portofino: Ambitions and Growth Plans

Portofino Technologies was established in 2021 by Leonard Lancia and Alex Casimo, both veterans of Citadel Securities—one of the world’s leading electronic market makers. The firm raised $50 million in equity funding in late 2022 to support its ambitious growth trajectory. By early 2025, the company was exploring expansion into new markets, with plans to establish offices in New York and Singapore, signaling confident growth intentions despite the recent personnel challenges.

The crypto market maker operates under regulatory oversight, having previously drawn attention for its compliance framework in the regulated trading space. Yet the recurrent nature of staff departures suggests that operational or cultural challenges may be affecting the company’s ability to retain talent in an increasingly competitive market for crypto trading expertise.