Morph Names New CEO Amid Leadership Shakeup

Morph, a layer-2 project incubated by Bitget, has recently undergone a significant leadership change. The project, which aimed to compete in the modular blockchain space, has faced several challenges and is now dealing with the departure of its CEO, Cecilia Hsueh. Hsueh has transitioned into an advisor role, a move she privately communicated to the leadership at Morph in late February. She cited health issues related to sleep as a factor in her decision to step down, noting that she had not been heavily involved in daily operations for the past two to three months.

Hsueh's departure comes amid reports of internal power struggles, particularly between her and co-founder Azeem Khan. Employees have also expressed concerns about the influence of Forest Bai, a partner at Foresight Ventures, which is both the venture arm of Bitget and an investor in Morph. Bai, who serves as chair of The Block, has been described by multiple sources as a "shadow CEO," actively involved in decision-making processes despite not holding an official role. Hsueh confirmed that Bai had been added to Slack and included in key meetings prior to her stepping aside.

Following Hsueh's departure, Colin Goltra, the former chief growth officer, has taken over as the new CEO. Goltra, who has over a decade of experience in the industry, was connected to Morph through Dragonfly, the talent team that led Morph’s seed round. He has been working closely with Bai and other leadership members to ensure a smooth transition. Goltra emphasized that Bai's involvement is temporary and that his long-term goal is to reduce his role in Morph's operations.

Under Goltra's leadership, Morph plans to focus on consumer crypto, particularly onchain consumer finance and stablecoins. The team aims to make significant strides in the payments sector and will prioritize expansion in Asia and the US. Goltra also highlighted the importance of financial discipline, noting that the company has been careful with its expenses and burn rate. While there are no immediate plans for a Series A funding round or a token launch, Goltra indicated that these options remain on the table for the future.

Goltra's immediate focus is on fostering a positive work culture and potentially expanding the team. He expressed confidence in Morph's stable team and their ability to navigate the challenges ahead. Hsueh, who will continue as an external advisor, also praised Goltra as a suitable successor, citing his extensive experience and strong connections in both Asian and Western markets.