Onramp Invest, the cryptocurrency portfolio aggregation platform for financial advisors, has lost two additional senior executives. Caitlin Cook, head of community and vice president of operations at Onramp Academy, announced on Twitter that she has left the company. Nyle Bayer, chief marketing officer at Onramp, has also departed.
Cook has joined Hxro Labs, which provides news and analysis for crypto and legacy markets, as head of marketing and communications.
“First, I want to thank @OnrampInvest for the opportunity I was given over the past 14 months,” Cook wrote on Twitter. “Helping build an education platform from scratch at 24 (among other tasks) within an early stage startup was a challenging and formative experience that I wouldn't trade for anything.”
Bayer did not return a phone call seeking comment by press time.
The news follows the departures last week of Onramp Chief Product Officer Craig Uhlenkott and Director of Customer Success Amber McLeod, according to their LinkedIn profiles.
“Throughout my career I've always made it a focus to build and develop product teams that are truly empowered,” Uhlenkott wrote on LinkedIn. “Unfortunately that's not always possible to deliver for your team and so a change is sometimes needed. We should never ignore the things we're most passionate about, even if it means you have to seek them out elsewhere. So the time has come for me to turn this page and find an organization and team that empowers me to be the best version of myself.”
In March, Tyrone Ross Jr. announced he was stepping down as chief executive officer of Onramp, followed by several senior executives. Onramp co-founder Eric Ervin, the CEO of blockchain investment firm Blockforce Capital and the former head of Reality Shares ETFs, took over as CEO. According to sources close to the company, the nascent firm had hired too many employees and spent too much money on promotion and publicity.
"Onramp Invest is well capitalized and has a huge opportunity in front of us. It is critical that we position the company for the future in order to build out the best solutions for our clients. We can only do that with the right leadership team in place. We wish all of our former colleagues the very best as they enter this next phase in their careers," Ervin said.
Soon after Ross' departure, Onramp’s chief of staff, Justin Castelli left. Torie Happe, head of business development, was cut from the firm.
Dani Fava, head of strategic development at Envestnet, resigned from her position as a board director with Onramp after Ross resigned. She called it a "personal decision."
Onramp recently announced it had raised an undisclosed amount of Series A funding, lead by JAM FINTOP, an early-stage fintech investor. In addition, Chris Haley, general partner of FINTOP and former chief financial officer of the Black Diamond Wealth Platform, joined the Onramp board of directors.