Tom Albright is stepping down from his role as chief executive officer of Bermudian-based cryptocurrency exchange Bittrex Global (Bermuda) Ltd and Bittrex Global GmbH of Liechtenstein effective today, the boards of directors of the two companies have announced.

Stephen Stonberg, current CFO and COO of Bittrex Global, has been appointed by the boards to serve as interim CEO, to oversee management of the companies.

The boards added that they are grateful for the contributions that Mr Albright has made.

Bill Shihara, co-founder of Bittrex Inc, said: “Tom has brought key leadership as Bittrex Global has grown to serve the crypto marketplace. Tom has also helped guide the company through a period of significant growth and change within our sector.”

He added: “We are incredibly pleased that Stephen Stonberg will be leading Bittrex Global as interim CEO. Stephen has served as CFO and COO since February 2019, and has a deep understanding of our business, and has over 25 years experience in the financial services sector, and held leadership roles in blue-chip banking institutions.

“As more retail and institutional investment enters the cryptocurrency market, individuals like Stephen will be instrumental in bridging the gap between traditional finance and the cryptocurrency world.”

Mr Stonberg said: “I look forward to continuing the drive for innovation at Bittrex Global. Our new offerings such as tokenised securities (through Bittrex Global Bermuda Ltd) are revolutionising the crypto market. We have many more exciting opportunities on the horizon.”

Bittrex Global announced in October it had been given a licence to operate a cryptocurrency exchange under the supervision of the Bermuda Monetary Authority. The platform includes cryptocurrencies and tokenised stocks.

It said it aims to “harness the power of distributed ledger technology to enable greater financial inclusion, instant settlement of trades, and lower trading fees”.