Reported by The Block: Cecilia Hsueh is stepping down as CEO of the Dragonfly-backed Morph.
Morph’s Chief Growth Officer in recent months and former Binance executive Colin Goltra will take her place.
Cecilia Hsueh, co-founder and CEO of the Bitget-incubated Ethereum Layer 2 project Morph, said on Monday she's stepping down.
"This news might feel a bit heavy, but I think it’s time to share this decision with everyone. After careful reflection, I’ve decided to officially step aside as CEO," Hsueh said in a post on X.
The move comes shortly after Morph co-founder and COO Azeem Khan also announced a departure from the project.
Founded in 2023, Singapore-based Morph has been developing a Layer 2 network using a combination of optimistic and zero-knowledge rollup technologies. Last year, it raised $20 million in seed and angel funding rounds. Dragonfly led the $19 million seed round.
"We began the transition 3 months ago, and today, it’s complete," Hsueh wrote on Monday, noting that the company's new CEO will be current Chief Growth Officer Colin Goltra. "Our new leadership, is someone I deeply trust. 10+ years in Web3, former COO of YGG and ex-Binance," added Hsueh. "He’s the right person to lead Morph in its next chapter."
Goltra has been at Morph since January, according to LinkedIn. He also spent a little more than one year and a half at Binance, with his last position listed as director of APAC expansion. Hsueh previously served as chief marketing officer and, later, chief executive officer of crypto exchange Phemex.
Morph has said it is building the first Ethereum Layer 2 with a decentralized sequencer — a component in Layer 2 networks that organizes and batches multiple off-chain transactions before submitting them to the Ethereum blockchain. The tech is meant to enable "limitless possibilities" for decentralized applications, including finance, gaming, social media, and entertainment, according to the company.
Morph's mainnet launched in October 2024. Bitget Wallet announced an integration shortly after.
Hsueh said she would remain an advisor to the project.
Other Morph backers include Pantera Capital, Foresight Ventures, the Spartan Group, and Symbolic Capital. Polygon's Sandeep Nailwal and Nansen's Alex Svanevik have also invested.
