Canaan Creative, a leading manufacturer of crypto mining equipment has recently lost one of its three co-founders. According to a recent report, one of the company’s co-founder, Xiangfu Liu, has made a tough decision of stepping down from the company’s leadership.
Canaan Creative Co-founder Xiangfu Liu Walked Away From his Roles
Effective since Jan. 30 2019, Xiangfu Liu will no longer be acting in the capacity of a board member at Canaan Creative. This is a role he has long held in the Hangzhou-based company. Also, Liu has stepped away from his managerial role in the company as well as his role as an executive board member position at its holding company, Canaan Inc.
No information regarding the reason why he left the company has been released, however, sources close to the company has made it known that Liu might have left the company as a result of his disagreement with the current direction and strategy of the company.
According to the sources, Canaan Creative’s management is planning to continue building the company as a crypto mining and artificial intelligence chips manufacture. This is contrary to the direction taken by Bitmain, a major rival of Canaan. Apart from manufacturing crypto mining equipment, Bitmain also mines cryptocurrency for itself and its investors. Canaan only manufactures mining chips. The source also said that the reason for maintaining its stance as a mining chip manufacturer only venture, in order to justify the company’s sustainability for an IPO.
Liu does not agree with this strategy. Liu is of the belief that there shouldn’t be a separation between hardware and software in the blockchain industry. As a result, companies making mining equipment should also profit from mining cryptos for themselves.
Liu is Still a Major State Holder
Despite walking away from his role in the company, Liu is still a major shareholder of the company. According to the company’s elapsed IPO prospectus, Liu along with the other two co-founders of the company share between them 50 percent of the company’s stakes.