Bitmain Likely to Name New CEO, Co-Founders Might Step Aside

The world’s biggest cryptocurrency mining hardware manufacturer and operator of the two major Bitcoin mining pools, Bitmain is anticipated to name product engineering director Haichao Wang as the company’s new CEO, according to the report of South China Morning Post. The reports claiming Bitmain could lay off up to 50 percent of its staff, the move comes just weeks after Bitmain announced that it would be downsizing.

The South China Morning Post mentions that “people familiar with the matter” had confirmed that Wang has been the de facto leader of the company since December, with co-founders Micree Zhan and Jihan Wu stepping aside.

As per the report of the South China Morning Post, its undisclosed sources confirm that Wu and Zhan will remain as the company’s co-chairs following Wang’s accession. Moreover, it noted that there was no timetable yet for an official announcement.

It is to be noted that Bitmain has refused to respond to the reports and remained silent on the matter. Multiple media outlets in China have claimed that the scale of the job cuts may even rise to 50 percent of Bitmain’s total staff. However, the company has only admitted that it will make “some adjustment” to its staff in 2019.

In the meantime, the Huobi Group, operator of the Huobi digital asset exchange, also confirmed last month that it is set to cut workforce. Beijing-based Huobi also mentioned that by letting go of low-performing employees, it would be optimizing its “staffing”.

Nonetheless, there has been better news for Huobi in Japan. Yesterday, the company announced that it has successfully launched a regulator-approved branch in Japan. Following a takeover of Japan’s BitTrade exchange in September last year, Huobi Japan is now trading with Financial Services Agency approval, according to the official statement.

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