• Tue, 18 Jun 2019, 08:44 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

New CEO to take the helm at bitcoin mining giant Bitmain: Report

Fri, 11 Jan 2019, 05:28 am UTC

Bitcoin mining giant Bitmain will soon have a new chief executive officer, who will replace co-founders Wu Jihan and Zhan Ketuan, South China Morning Post reported.

Sources familiar with the matter told the news outlet that the successor is likely to be Wang Haichao, who has been serving as the director of product engineering. They went on to state that Haichao has already taken over duties from the co-founders and is currently in a transition period that began in December.

Sources added that the company has not decided for a definite timeline for Haichao to take the helm as the new CEO.

Wu and Zhan founded Bitmain in 2013. Wu holds 21 percent stake in the company while Zhan has 37 percent ownership. They will continue as co-chairs of the company but will move away from Bitmain’s daily operations. That said, they will still have the final call on major decisions.

The leadership changes follow Bitmain’s efforts to publicly list in Hong Kong last September. Reports suggest that the company is unlikely to get the approval for its initial public offering (IPO) as the country’s regulators see a lack of regulation in the cryptocurrency industry.

More recently, the company confirmed its plans to lay off staff. The move comes as the crypto industry continues to reel under the effects of a prolonged bear market. ConsenSys and ShapeShift have also announced layoffs recently.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,154.88 (-0.13%)
  • Ethereum (ETH) $269.95 (-0.35%)
  • XRP (XRP) $0.439900 (+1.98%)
  • Litecoin (LTC) $131.15 (-3.41%)
  • Bitcoin Cash (BCH) $419.80 (-2.49%)
  • Bitcoin (BTC) $9,154.88 (-0.13%)
Jun 18, 2019 (Tuesday)
06:36
BitTorrent creator Bram Cohen becomes CEO of Chia Network as Ryan Singer steps down
06:15
Overstock.com subsidiary Medici Land Governance puts Wyoming County's land records on blockchain
05:39
Canada's Shoppers Drug Mart partners with TruTrace Technologies to launch blockchain-based cannabis tracking system
05:15
Ripple to invest $50M in MoneyGram to boost XRP adoption in new strategic partnership
05:09
Binance to issue bitcoin-pegged token on Binance Chain
04:04
Polish Alior Bank authenticates documents with public ethereum blockchain
03:28
South Korean cryptocurrency exchanges to be held accountable for user losses
03:27
Russian Central Bank considers CBDC issuance, but not "right away"
Jun 17, 2019 (Monday)
11:35
Nomura and Nomura Research Institute to develop blockchain-based platform for exchanging securities and other rights
10:53
Samsung interested in collaborating with platform companies on blockchain, AI, 6G
08:57
Canadian Securities Administrators includes blockchain and crypto-assets in Business Plan for 2019-2022
08:24
BnkToTheFuture acquires Altcoin.io to build non-custodial securities token exchange
08:09
Crypto Technicals: Ripple bounces off 50-DMA support, on track to test $0.47
07:44
MGI teams up with Thales to develop blockchain-powered cargo community system
07:13
Mitsubishi Electrics, Yaskawa Electric and other Japanese manufacturers to use blockchain tech for data sharing: Report
07:13
Security token platform Polymath teams up with blockchain-based digital ID startup Blockpass
04:54
Seoul announces ₩50 billion 'Fourth Industrial Revolution Fund', focus on 5G, AI, blockchain, big data
04:28
Crypto Technicals: Bitcoin bulls renlentless, BTC/USD scales new 13-month highs, bias still bullish
03:18
Brazil authorities to develop regulatory sandbox for blockchain, DLT
03:18
Austrian steel firm Alukönigstahl develops blockchain-powered database "STEEL but SMART" for steel trading
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft