It occurred to me recently that I'm in a fairly rare group of people who've had the privilege of working at both ends of the "Crypto vs. Bitcoin" spectrum.
I spent two years at Bitpanda, Europe's largest crypto/web3 platform at the time, and later two years at Relai, Europe's largest Bitcoin-only startup.
The contrast between those two worlds shaped how I think about growth, culture, and leadership. I thought it might be worth sharing what I learned.
My crypto beginnings
I joined Bitpanda as employee #30 and their first Head of Marketing. From day one, everything ran on fast-forward. The energy was intoxicating. We felt like we were building the future of finance — and in many ways, we were.
Resources weren't a problem. The company scaled incredibly fast, moving from startup to hypergrowth scale-up in a very short time. But that speed came at a cost.
Growth outpaced structure. Roles blurred, communication suffered, stress piled up, and culture became harder to hold together. At the time, I didn't fully understand it — but this is often the price of massive growth.
After two years, I burned out and decided to leave. Still, I learned more in that role than in almost any other job: how to adapt quickly, how to operate under pressure, how to pivot strategy fast — and, importantly, what kind of leader I wanted to become.
It also clarified something else for me: I wanted to stay in this industry, but work for a company whose values and incentives aligned more closely with my own.
Many large crypto platforms succeed by offering as much choice as possible. From a business perspective, that makes sense: transaction volume scales revenue. But structurally, this often shifts the focus from long-term outcomes for users toward short-term activity and speculation.
Over time, that incentive mismatch started to matter to me more than the excitement of rapid growth.
From a mercenary to a missionary
Joining Relai felt like moving from a cosmopolitan department store to a specialised boutique.
Bitcoin-only isn't just a product decision — it's a conviction. A belief that Bitcoin is best understood as long-term savings (digital gold, if you will), and as a tool for greater financial autonomy. That clarity changes everything: product decisions, marketing, hiring, and culture. (I expand on this here.)
A strong mission attracts a specific kind of person. At Relai, hiring isn't about scaling headcount quickly — it's about finding people who genuinely align with the purpose. The difference between missionaries and mercenaries isn't about talent; it's about motivation.
Constraints played an unexpected role too. Smaller teams and tighter budgets forced us to prioritise relentlessly. Focus stopped being a buzzword and became a survival skill. We let go of distractions and doubled down on what actually drives sustainable growth.
As a leader, this environment reinforced something I strongly believe in: trust beats control. I always disliked micromanagement — it signals a lack of trust and kills ownership. Instead, I aim to create clarity, empower people to own their domains, and focus my energy on direction rather than supervision.
The bigger lesson
What I truly learned at Relai is how fragile culture is and how essential it becomes as a company grows.
Speed teaches you execution. Constraints teach you judgment. But culture determines whether growth compounds or corrodes.
Different stages require different people, different skills, and different leadership styles. Experiencing both ends of that spectrum helped me understand where I do my best work and what kind of game I actually want to play.
At the end of the day, leadership isn't about chasing growth at all costs. It's about choosing which costs you're willing to pay.