HIVE Blockchain appointed a new CEO several months after Harry Pokrandt resigned from the role. The company also announced Darcy Daubaras as CFO.
Months after HIVE Blockchain's CEO (TSXV: HIVE) Harry Pokrandt has resigned from his role, the company has officially named a new leader.
On Tuesday (November 20), HIVE announced that Marco Streng, CEO and co-founder of Genesis Group, will take on the role of CEO of the company, while Darcy Daubaras will serve as chief financial officer.
Streng is a co-founder of Genesis Group, which he launched at the end of 2013, and was a HIVE Blockchain advisor as well as being a co-founder.
The company's new leadership comes hand in hand with the transition from its start-up phase to what it now calls HIVE 2. The company launched on TSX Venture Exchange in 2017 and has become an operating blockchain infrastructure company serving GPU and ASIC Extraction Ability.
Frank Holmes, interim executive president of HIVE and CEO of US Global Investors (NASDAQ: GROW), expressed his appreciation for the release of Streng's decision to join the board of directors. Holmes also said that the addition of Daubara's expertise will help HIVE in its transition to HIVE 2.0.
"In addition, changes to the cloud-based services with Genesis mean that HIVE's mining activities should improve profitability despite current market conditions and we remain optimistic about the long-term value of cryptocurrencies despite the volatility observed in the 2018, "Holmes continued.
HIVE has also announced that its ASIC mining capacity has officially started operating on 30 September. The company also announced that the cloud-based contract, which initially signed with Genesis in December 2017, has been modified to reduce operating costs by 30% retrospectively in October 1 of this year. An option was also observed to extend the contract for two years from one year.
Genesis is one of the largest cloud mining operations in the world and is a strategic partner and majority shareholder of HIVE Blockchain. In addition to providing hash power forces, Genesis builds and manages HIVE data centers.
"The concept with HIVE is to give a Genesis footprint outside the cryptocurrency world and build a bridge from blockchain space to traditional capital markets," Streng said in a September 2017 press release.
The shares of HIVE Blockchain fell 13.33% after Tuesday's announcement at C $ 0.33 from 2.17pm. EAST. Since the beginning of the year, the company has suffered an incredible 90.8 percent loss compared to the stock price from its maximum of 3.59 C $ on January 2nd.
On TradingView, HIVE Blockchain's shares are currently classified as "Sell" with 18 against, eight neutral and two as "Buy".
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Information on securities: I, Jocelyn Aspa, does not hold any direct investment interest in any company mentioned in this article.