Bitmain co-founder rumoured to quit for own crypto project

Posted 26 February, 2019

One of the leading crypto mining company – Bitmain (China) – reportedly can remain without its co-founder Jihan Wu. The market is discussing the information that Wu plans to launch a new project that will be designed for Bitcoin Cash ecosystem.

A founding partner at Primitive Ventures Dovey Wan posted on her Twitter this Monday:

"Jihan Wu is leaving Bitmain, starting a new company  multiple non-official sources..."

Juhan Wu chaired Bitmain when the performance results exceeded $1 billion in terms of profit. However, the situation changed dramatically later due to unreasonable policies and slacker mining segment resulted in revenue collapse. Bitmain revised its business that time, while Wu was reportedly thrown under the bus.

The rumours have been spreading the market now, though some players doubt this information. 

According to the market participants, Wu's decision to open its own company if that's the case will become reasonable progress of his path. At the same time, Bitmain will try to win an IPO with a new leader.

"According to various sources, the new company is more like a spin out of Bitmain (so far not sure of the equity ownership structure), with a primary focus around BCH and Defi".

For reference, Defi is said to be a project community that deals with decentralized finance area.

Some sources say that these are just rumours, though it can be real given the challenges that the company faced on the crypto market downturn last year. According to the available information, Bitmain recorded about $500 million loss in Q3 2018.

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