According to a Recent Report, Bitmain Shuffles Board Ahead of IPO

According to a Recent Report, Bitmain Shuffles Board Ahead of IPO

Mining News
November 16, 2018 by XNews Editor 5
69
Bitmain, the world's biggest Bitcoin Mining Company, has purportedly experienced the main board reshuffle in front of its IPO (Initial Public Offering).
According to a Recent Report, Bitmain Shuffles Board Ahead of IPO

Bitmain, the world’s biggest Bitcoin Mining Company, has purportedly experienced the main board reshuffle in front of its IPO (Initial Public Offering), which should set a record for the early cryptocurrency industry.

Bitmain Discovers Major Board Shakeup —Jihan Wu CEO Loses Voting Rights

Referring to organization information registered with the local government, Chinese industry media outlet 8btc reports that preceding week, 4/6 executives resigned from the leading group of the Beijing-based Bitmain.

Such a group incorporates CEO Jihan Wu, who was already the board’s executive director and now serves as administrator. As indicated by 8btc, this new position never again bears him voting rights. He was substituted by Zhan Ketuan, who is now the Bitmain’s ExecutiveDirector and Manager.

Vague Reasons

The purposes behind the boards’ shakeup are not instantly clear, but rather they came at a critical time for both Bitmain and the crypto business on the loose.

According to the report, the board shakeup happened on 7 Nov, only one day before Bitmain released the Antminer S15, the recent version of its leader Bitcoin Miner line.

It likewise came right away in front of Bitmain’s IPO, which is slated to happen on the Stock Exchange of Hong Kong inside the near future. The offering is projected to raise record financing for a crypto firm, justifying the business system that has earned Bitmain a $15 billion valuation — about twofold that of US digital currency mammoth Coinbase.

As discovered by BitMEX Research, Bitmain seems to have questionable business choices over the previous year, comprising stockpiling Bitcoin Cash.

A Divergence in the Road for Bitmain

At last, Bitmain’s board changes bring up issues about how Bitmain will approach the forthcoming Bitcoin Cash hard fork that’s scheduled for 15 Nov and guarantees to see the system split into no less than two competing versions.

Jihan Wu has been a vocal supporter of the “official” Bitcoin Cash version that’s created by Bitcoin ABC, and a commentator of Bitcoin SV, which has been produced by Craig Wright-subsidiary firm nChain and sponsored by major BCH mining pool CoinGeek.

Now, he apparently has surrendered voting power on the board, it stays to be seen whether Bitmain will keep up this hard line in case the fork proves to be disagreeable — and in addition, whether the firm will utilize its BCH reserve to tip the scale its favored path.


Join the Evolution and get your Bitex Card Now!
https://bitexpay.cards/

ICO is live and we are growing bigger
https://ico.bitex.global/

Add a comment

Translate »