Billionaire and crypto industry veteran Anthony Di Iorio, founder of wallet maker Jaxx Decentral, retired this week to focus on “philanthropic initiatives,” he told CoinDesk.
The co-founder of ethereum will continue to finance Decentral and approve budgets as chairman of the board. Meanwhile, former product manager Maggie Xu, Di Iorio’s girlfriend for two years, will take the helm as the company’s new CEO.
“If she develops a road map, she presents it to me, it will be approved according to the resources she needs,” Di Iorio said. “I am happy to agree to continue funding [Decentral] if it makes sense.”
Going back, in 2018 Di Iorio said that the crypto wallet had up to one million monthly users and had processed more than $ 2 billion in crypto exchanges through a partnership with ShapeShift. Around this time last year, the company underwent an ambitious campaign to attract paid integrations with service providers, such as startups and loan exchanges, and futuristic office plans with a hologram study.
But then the bear market hit hard. Di Iorio said the transaction fees for the ShapeShift integration were the primary income stream of Decentral, reaching a maximum of $ 300,000 per month. When ShapeShift began to require information from knowing its customers last fall, revenue declined to misery. Decentral laid off almost half of his staff, he said, up to the 14 employees he has today.
Decentral is hiring again these days, some developer positions, because it executes almost a dozen nodes to facilitate integrations and data flows through assets compatible with the mobile application. Xu told CoinDesk that they have finally secured five integration associations, including GiftPay and Changelly, that should allow users to convert tokens within the application and spend them with gift cards called fiduciary by 2020.
“We need to add the functions that people are interested in, which is to be able to buy and sell cryptography, convert it into fiat and send it, while we meet other people in the community,” Xu said. “We are looking to recover Decentral meetings.”
As a former lawyer and product leader, Xu said her combination of experience will help make business growth and commercialization more fluid.
Over the next six months, Xu plans to prioritize these integrations and seek funding through “strategic partnerships.” He added that the most recent version of the mobile wallet, Jaxx Liberty, obtained 250,000 downloads last year.
“This is about trying to move this whole movement to the mainstream.”
Anthony Di Iorio image via Decentral