Bitmain Restructured Board of Directors Ahead of IPO

Bitmain Restructured Board of Directors Ahead of IPO

A securities authority said the restructuring occurred in Beijing Bitmain Technology Co., Ltd. (the subsidiary), to meet listing regulation requirements and to simplify the board for the company’s upcoming IPO

The change happened on November 7, last week, just a day before the release of the company’s new Antminers, according to 8BTC.

A temporary Bitmain stock ticker was seen on the HKEX (Hong Kong Exchanges) on November 5. Many were speculating this signaled that Bitmain’s IPO application was approved.

Four out of six directors relinquished their positions to make way for new members. The four who resigned are Zhao Yifeng, Ge Yuesheng, and Zhou Feng. While Hu Yishuo resigned from the board of supervisors.

Jihan Wu

Bitmain Co-founder, Jihan Wu, also resigned from the board as executive director. He now assumes the position of supervisor, with no voting power.

As a director, Jihan had the right to vote when the board makes decisions. However, after changing to a supervisor, his power becomes smaller that he can no longer vote. As thus, Wu will be unable to participate in the business decision-making but only serve as a supervisor.

Tian Yangang, Bitmain Lawyer

Wu is replaced by Zhan Ketuan.

Bitmain and Bitcoin Cash

Bitmain positioned 90,000 miners in China’s Xinjiang region, at the same day as the board restructure, allegedly to increase hash power for the upcoming Bitcoin Cash hardfork anti BCH SV.

Wu is an avid supporter of BCH ABC and is unfavorable of BCH SV.

There is one day left before the BCH ABC upgrade. And with Wu out of Bitmain’s board, the question remains on whether Bitmain will still be uncompromising in their support for the said ‘official’ Bitcoin fork.


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Bitcoin Cash [BCH]: Roger Ver joins Jack Dorsey in calling for the creation of internet’s native currency CEO and Bitcoin Cash [BCH] advocate, Roger Ver called for the creation of a native currency for the Internet, echoing the sentiments of many cryptocurrency proponents that strive for a cryptocurrency to emerge from and take over the World Wide Web. His entire statement, released by his official Twitter handle said, “The internet defies national boundaries. It needs a currency that defies national boundaries.” Ver is not the first cryptocurrency proponent to voice support for a native currency to the Internet. What is surprising, however, is that Ver did not suggest that Bitcoin Cash will be a viable option for the same. On the other hand, there are some who back Bitcoin to emerge as the internet’s first native currency. Earlier this month, CEO of Twitter, Jack Dorsey backed Bitcoin as a potential native currency for the future, on Joe Rogan’s podcast, the Joe Rogan Experience. The Twitter CEO said, “I believe the internet will have a native currency and I don’t know if it’s Bitcoin. I think it will be Bitcoin given all the tests it has been through and the principles behind it, how it was created. It was something that was born on the Internet, was developed on the Internet, was tested on the Internet and it is of the Internet.” Dorsey, who is also the CEO of Square, Inc. said that his company was one of the first ones to talk to the Securities and Exchange Commission [SEC] about Bitcoin regulation. Roger Ver, who is also referred to as Bitcoin Jesus within the community, has long lambasted the Bitcoin community since BCH hardforked away from the top cryptocurrency, in August 2017. Ver previously implied that Bitcoin did not have any, “store of value,” as it lacked any, “industrial use.” He likened Bitcoin to gold, affirming the metal’s industrial use. Despite the Bitcoin Cash proponent not pushing, or even suggesting that BCH could be the ‘internet currency,’ Twitter users replying to Ver’s tweet gave their own picks for the currency. Twitter user Bakktstreet Boys thought this was Ver’s way of returning to the BTC camp. He stated: “So, you’re coming back to BTC?” To Ver’s original tweet, Ben Beideman added, “It does. However, the physical world also needs currencies that defy national boundaries and control by financial gatekeepers. That’s a big part of what makes this “internet currency” so exciting. Its power to change everything, just as the internet changed everything.” Others veered away from the Bitcoin, Bitcoin Cash and Bitcoin SV camps, suggesting other more centralized alternatives. Dazybabes_Berlin replied, “You mean an eco-friendly, decentrlized, fast #crypto that is liked by the #imf and not controlled by Chinese miners?! Something like #XRP” The post Bitcoin Cash [BCH]: Roger Ver joins Jack Dorsey in calling for the creation of internet’s native currency appeared first on AMBCrypto.

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