Mo Shaikh, co-founder of Aptos Labs, announced that he’s stepping down as CEO of the company.

Aptos is a layer-1 blockchain that claims to offer enhanced scalability, security and transaction speeds. The platform leverages a unique blockchain programming language called Move, which was originally created for Facebook’s shuttered “Diem” project.

In a lengthy post on X, Shaikh, who co-founded Aptos with Avery Ching three years ago, expressed pride in the progress made by the company, which included raising a mammoth $400 million in venture capital funding and building “one of the most robust ecosystems, trusted by over a thousand builders and innovators around the globe.”

Ching, Shaikh said, will assume the role of CEO and lead the company into its next phase of growth.

In his X post, Shaikh acknowledged the work of Aptos’ partners and investors, including firms like BlackRock, Google, Mastercard and PayPal.

“None of this would have been possible without the unwavering support of our incredible investors. I want to extend my deepest gratitude to Dragonfly, Blocktower, Haun Ventures, Hashed, IRONGREY, a16z, Apollo, Coinbase, Parafi, Scribble, PayPal, Franklin Templeton, and the amazing angels who believed in our vision,” he wrote.

Shaikh said he will remain with the company as a strategic adviser and plans to take time to reflect on the future of blockchain and financial systems. “I will always remain a champion of Aptos and its mission,” he wrote, adding that he will “look forward to continuing to help Aptos maintain its role as the world’s leading blockchain.”

Le Poisson Rouge (LPR), an iconic music venue in New York City, has sealed an exclusive partnership with live event ticketing platform KYD Labs to bring its ticketing system on-chain.

On Tuesday, Aptos Labs announced that KYD Labs and LPR had entered an exclusive four-year deal that will see the Aptos blockchain power all of the historic NYC venue’s shows and tickets.

LPR is first major U.S. venue to go all on-chain

The collaboration is the first instance where a major U.S. venue has gone fully on-chain, the Aptos team posted on X. It’s a major milestone for Web3, Aptos added, with this partnership set to offer Le Poisson Rouge’s event goers and music fans a new experience.

“A major US venue with hundreds of thousands of tickets per year transitioning to on-chain ticketing is a big step forward for blockchain utility. Eventually, ticketing will all be on-chain. Better interoperability, directly connecting event organizers to buyers, easy promotions, and verified secondary sales are some big advantages,” Avery Ching, the CTO and co-founder of Aptos Labs, said.

KYD Labs will help LPR tap into the benefits of blockchain technology to improve the ticketing experience for fans. Leveraging Aptos’s technology will also be crucial to artists, who can further engage with fans via on-chain initiatives.

Going on-chain removes challenges and barriers associated with legacy ticketing systems.

Overall, LPR will leverage Aptos to not only monitor secondary ticket sales but also offer a transparent mechanism for its loyalty programs, pricing, and booking rates.

Le Poisson Rouge opened in 2008 and has grown into a historic music venue in New York. Aptos is a Layer-1 blockchain that launched in October 2022 and offers a scalable, low-transaction costs network.