Mo Shaikh, co-founder and CEO of Aptos Labs, has announced his departure from the blockchain company, marking the end of an era for one of the industry's most prominent figures. Avery Ching, the co-founder and Chief Technology Officer, will step into the CEO role as Aptos enters its next phase of growth.

Shaikh reflected on his journey in the blockchain industry, which began in 2016. He expressed pride in Aptos Labs’ accomplishments over the past three years, including establishing the company as a trusted foundation for more than a thousand builders and innovators worldwide.

“Aptos stands as one of the most robust ecosystems, trusted by over a thousand builders and innovators around the globe,” Shaikh said. He attributed the ecosystem’s resilience and growth to the team’s dedication and the support of key partners.

Under Shaikh’s leadership, Aptos raised $400 million from high-profile investors, including a16z, Coinbase, PayPal, and Dragonfly. The ecosystem has flourished with contributions from builders like Merkle Trade, Thala Labs, and Kyd Labs, alongside partnerships with global giants such as BlackRock, Mastercard, Google, and Microsoft.

Shaikh emphasized the critical role these collaborations play in the convergence of Web3 and Web2, positioning Aptos at the forefront of innovation.

As Avery Ching takes over as CEO, Shaikh expressed full confidence in the team’s ability to realize Aptos’ vision of creating scalable and fair blockchain solutions. He will remain involved as a strategic advisor to Aptos Labs, continuing to champion its mission.

Looking ahead, Shaikh plans to take time to reflect on the future of financial systems and Aptos’ role as a leading Layer 1 blockchain.

The news has been met with mixed reactions from the Web3 community. While many applaud Shaikh for his leadership and vision, they also see the transition as an opportunity for Aptos to scale new heights under Ching’s guidance.