Friday, October 7

Former BinanceUS Boss and US Official to Lead Bitcoin Mining Company Bitfury


Amsterdam-based bitcoin mining firm – Bitfury Group – appointed Brian Brooks as its new Chief Executive Officer. His previous experience includes serving as the United States Acting Comptroller of the Currency and being in charge of Binance US.

Brooks Jumps into New Crypto Adventure

According to the press release, Brooks replaced Valery Vavilov (one of Bitfury’s founders). The latter, who was the company’s CEO for the last 10 years, became Chairman of the Board of Directors and Chief Vision Officer.

Bitfury intends to launch a new funding round in the following months, aiming to increase the growth of its mining endeavors with a new microchip design. As such, Brooks will be responsible for establishing the firm among the European leaders in the digital asset industry.

He described Bitfury as an organization “renowned for its sustained research and best-in-class proprietary technologies.” The company’s innovative nature makes it well-positioned for long-term success, he concluded.

Brooks seems to be a strong supporter of cryptocurrencies and blockchain technology. Last year, he outlined their merits, saying:

“Blockchain has the potential to connect up, in a decentralized network, all kinds of data. It has the ability to create large, friction-free, decentralized networks of people. There is huge and great promise in blockchain and crypto.”

BrianBrooks
Brian Brooks, Source: Forbes

The Latvian enterpreneur and Co-Founder of Bitfury – Valery Vavilov – commented he is “thrilled” to have Brian Brooks as the leader of his organization, describing him as a “respected executive with deep regulatory, digital asset and capital markets expertise.” Appointing him on that position should be highly beneficial for Bitfury’s growth strategy, Vavilov added.

The bitcoin mining firm was founded in 2011 and is among the oldest players in its field. Last month, Bitfury announced intentions for an initial public offering (IPO) in either London or Amsterdam. Valued at around $1 billion, it has prominent backers such as Mike Novogratz’s Galaxy Digital.

Brooks Did Not Last Long at Binance

In April this year, Binance US – the United States division of the leading cryptocurrency exchange – appointed Brooks as its Chief Executive Officer. Previously he was the acting head of the Office of the Comptroller of the Currency (OCC) under Donald Trump’s administration.

However, his reign lasted only three months since he resigned from the position in August. The 52-year-old American did not specify the reasons for his resignation, simply citing differences between himself and the strategic direction of the exchange.

Featured Image Courtesy of WSJ

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