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CEO Tyrone Ross Exits Onramp; Dani Fava Leaves Board

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What You Need to Know

  • Onramp Invest co-founder Tyrone Ross disclosed on Tuesday that he stepped down as its CEO.
  • Envestnet's Dani Fava said in response that she decided to step down from Onramp's board.
  • Neither of them gave a reason for Ross leaving the firm.

Tyrone Ross unexpectedly stepped down as CEO of Onramp Invest, less than eight months after he announced that trading started on the company’s crypto-asset integration and education platform for financial advisors.

On Tuesday morning, Dani Fava, head of strategic development at Envestnet, tweeted that, “following Tyrone’s resignation, I’ve made the personal decision to step down from the @Onrampinvest board.”

Replacing Ross, who co-founded the company and had served as its public face since its creation in 2020, was co-founder Eric R. Ervin, a financial services industry veteran who also is CEO of Blockforce Capital, Onramp said Tuesday.

Neither Fava nor Ross, in a statement on Medium Tuesday announcing his departure from Onramp, provided a reason why he left the firm and they, like Ervin, did not immediately respond to requests for comment.

Responding to ThinkAdvisor by email, Nyle Bayer, Onramp’s chief marketing officer, said:

“We couldn’t be more grateful for all of the time Tyrone spent with us, on us, and for us. He will always be a part of our DNA, from his E.A.T. acronym (Education. Access. Tools.) to the gratitude we close every meeting with. We are humbled to be a piece of his shining legacy!

“We are incredibly excited for the opportunity ahead of us and grateful to Tyrone for all that he has contributed to Onramp being the most recognizable and influential cryptoasset platform in the RIA space.”

In a statement titled “Goodbye, Onramp,” Ross said: “I’m not known to be short on words but I’ll try and make this brief. To every employee, customer, investor, and supporter I’m humbled and grateful for you taking this journey with me. The last nineteen months were a trial by fire that has pressured and molded me into a better man and leader. You all made it possible and for that I am eternally grateful.

“This is not the way I saw it ending and change isn’t easy, but it’s always necessary. If I’ve learned anything from chasing my Olympic dream it’s that you should always appreciate the journey. I’ll forever cherish each of my days as the CEO of this industry changing company.

“I wish Eric and the team continued success as they push forward in this emerging space. I believe undoubtedly that Onramp will remain the industry leader for cryptoasset education and access for RIAs.

“As far as my next steps I will be taking time to decompress and assess new opportunities. I look forward to the next chapter in my journey of building a legacy for my family. In the interim, if you’d like to book me to speak with your company or get a preview of what I’m building next my best contact info is [email protected]

(Pictured: Tyrone Ross; Source: Onramp)