Co-Founder Quits Avalon Mining Chip Maker Canaan In excess of ‘Differences’


One of the a few co-founders of Canaan Imaginative, maker of the Avalon cryptocurrency mining machines, has stepped down from the Chinese company’s leadership.

In accordance to governing administration business registration facts updated on Jan. 30, Xiangfu Liu will no longer provide as a board member at the Hangzhou-primarily based Canaan Imaginative – a function he experienced served given that 2013.

Even further, a individual common with the situation explained Liu experienced still left his day-to-day administration function at the manufacturer and his govt board member position at its holding enterprise, Canaan Inc., which unsuccessfully sought an first public providing (IPO) in Hong Kong previous year.

Canaan Imaginative did not respond to requests for comment. But the individual close to the enterprise told Bit-coinTalk that Liu still left his function owing to disagreements with the company’s in general tactic.

Exclusively, Canaan Creative’s administration needed to continue constructing the enterprise as a pure-perform manufacturer of chips for crypto mining and artificial intelligence. As opposed to rival manufacturer Bitmain, Canaan does not mine crypto by itself or operate mining swimming pools, and the leadership needed to maintain it that way, in purchase to justify the company’s sustainability for an IPO, the resource explained.

Even so, Liu, who has a background in computer science, thinks components and software program really should not be divided fully in the blockchain marketplace, indicating businesses that make mining machines really should not reduce on their own off from mining farms and pool corporations, the resource explained.

Important shareholder

Nevertheless, Liu, 35, stays a significant shareholder of Canaan Imaginative. In accordance to the now-lapsed Hong Kong IPO prospectus, Liu co-founded the company with Nangeng Zhang and Jiaxuan Li in 2013.

When Zhang serves as Canaan’s main govt officer, Liu was primarily in charge of the firm’s overseas business tactic and promoting, and he owns about 17.6 % of Canaan’s whole shares. In whole, the a few co-founders control more than 50 % of the company.

Liu’s departure from the board also comes amid new layoffs at Canaan, the resource explained, declining to disclose their scale.

But Canaan is much from by yourself in cutting down personnel, as other mining giants like Bitmain have also undergone layoffs as well as workplace closures, in section owing to the in general bearish market place ailments in 2018.

The information also comes months just after a media report that Canaan Imaginative is now mulling an application to go public in New York just after its first IPO strategy unsuccessful owing to the hesitation of the Hong Kong Stock Exchange.

Canaan Imaginative impression from Bit-coinTalk’s archives.

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