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Brian Brooks to lead Bitfury

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Leading emerging technologies company, Bitfury Group, confirmed the position of company’s Chief Executive Officer, Brian Brooks. The latter earlier served as the United States Acting Comptroller of the Currency and was in charge of Binance.US.

According to the statement, he started working on October 29, 2021, as the firm is “preparing for a new round of financing”. Bitfury founder Valery Vavilov will become Chief Vision Officer and Chairman of the Board of Directors.

Previously, Brooks held the position of Chief Legal Officer at the Bitcoin (BTC) exchange Coinbase. Since the summer of 2020, he headed the The Office of the Comptroller of the Currency (OCC), and on January 14, 2021, he resigned. After that, Brooks became an independent member of the board of directors of the startup Spring Labs.

Binance.US

In May, the specialist joined Binance.US. The parties hoped that his experience would help give legitimacy to the exchange’s activities in the United States. However, in August, Brooks abruptly left the company.

Brooks announced his departure to the crypto community on Twitter. He announced that he had certain disagreements regarding the strategic development of the exchange, he still wishes success to his former colleagues.

According to New York Times, the reason was his conflict with the founder of the cryptocurrency exchange Changpeng Zhao. The publication claims that Brooks decided to quit after Great Point Ventures, which was considered a key participant in the planned investment round, refused to participate in it due to regulatory claims against Binance. Part of the firm’s decision was influenced by the fact that Zhao owns a 90% stake in Binance US, the newspaper writes.

The company’s most recent investment

Recall that in October Vavilov admited that IPO thoughts are part of the company’s expansion objectives. “As Bitfury and its portfolio of firms continue their global expansion in the digital assets market, Bitfury will be considering an IPO as part of its broader expansion and growth objectives,” he said.

The company’s most recent investment round was in 2018, when the firm raised $80 million at a $1 billion valuation.

Bitfury is actively working on cryptocurrency security, blockchain research, and compliance, as well as running platforms. The latest is Axelera AI, in addition to Bitcoin mining. Through its Exonum private blockchain architecture, the company is also a software provider for various global applications.

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