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Co-Founder Quits Avalon Mining Chip Maker Canaan Over ‘Variations’

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One of many three co-founders of Canaan Artistic, maker of the Avalon cryptocurrency mining tools, has stepped down from the Chinese language firm’s management.

In line with authorities enterprise registration knowledge up to date on Jan. 30, Xiangfu Liu will now not function a board member on the Hangzhou-based Canaan Artistic – a job he had served since 2013.

Additional, an individual acquainted with the state of affairs mentioned Liu had left his day-to-day administration function on the producer and his government board member place at its holding firm, Canaan Inc., which unsuccessfully sought an preliminary public providing (IPO) in Hong Kong final yr.

Canaan Artistic didn’t reply to requests for remark. However the individual near the corporate informed CoinDesk that Liu left his function as a consequence of disagreements with the corporate’s general technique.

Particularly, Canaan Artistic’s administration needed to proceed constructing the corporate as a pure-play producer of chips for crypto mining and synthetic intelligence. Not like rival producer Bitmain, Canaan doesn’t mine crypto itself or run mining swimming pools, and the management needed to maintain it that approach, in an effort to justify the corporate’s sustainability for an IPO, the supply mentioned.

Nevertheless, Liu, who has a background in pc science, believes and software program shouldn’t be separated fully within the blockchain business, that means firms that make mining tools shouldn’t reduce themselves off from mining farms and pool companies, the supply mentioned.

Main shareholder

However, Liu, 35, stays a considerable shareholder of Canaan Artistic. In line with the now-lapsed Hong Kong IPO prospectus, Liu co-founded the agency with Nangeng Zhang and Jiaxuan Li in 2013.

Whereas Zhang serves as Canaan’s chief government officer, Liu was primarily accountable for the agency’s abroad enterprise technique and advertising, and he owns about 17.6 % of Canaan’s whole shares. In whole, the three co-founders management over 50 % of the agency.

Liu’s departure from the board additionally comes amid current layoffs at Canaan, the supply mentioned, declining to reveal their scale.

However Canaan is way from alone in lowering workers, as different mining giants like Bitmain have additionally undergone layoffs in addition to workplace closures, partially because of the general bearish market circumstances in 2018.

The information additionally comes weeks after a media report that Canaan Artistic is now mulling an utility to go public in New York after its preliminary IPO plan failed because of the hesitation of the Hong Kong Inventory Alternate.

Canaan Artistic picture from CoinDesk’s archives.

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