CEO of Polychain Capital Carlson-‎Wee Joins Tezos Foundation Board

The news comes less than a week after the head of Switzerland's Tezos ‎foundation Johann ‎Gevers stepped down.

The Swiss foundation that conducted the ICO for the embattled Tezos ‎cryptocurrency project today announced the expansion of its board of ‎directors with the addition of four new members, according to a statement from the ‎foundation.

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The most notable appointment was Olaf Carlson-‎Wee, chief executive officer of San Francisco-based cryptocurrency fund Polychain Capital. It also hired ‎Pascal Cléré, Marylène Micheloud and Hubertus Thonhauser which effectively expands the entity’s ‎board from three to seven members. ‎

The news comes less than a week after the head of Switzerland’s Tezos foundation Johann ‎Gevers stepped down amid a prolonged spat with the inventors of the Tezos technology, ‎Arthur ‎and Kathleen Breitman. ‎

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Mr. Carlson-Wee and new president Ryan Jasperson were founding members of the ‎T2 Foundation, which was formed last month in order to take over the ICO funds that were paid in bitcoins and ether and have recently soared in value. The T2 ‎foundation, which also features seven board members, announced it will organize ‎the launch of ‘tezzies’ tokens if the Tezos Foundation was unable to do so in “an ‎adequate and timely manner.”

The management spat and the limited progress in developing its product has promoted anxious investors to unwind bets that ‎the project would be ‎launched while the actual tokens have yet ‎to be ‎created.‎

Tezos has set up a complex governance structure whereby the token’s developers ‎own the code, ‎but the $232 million raised in the ICO, which has now grown to more ‎than $1 billion, will be ‎managed and controlled by an independent Swiss foundation ‎‎– the foundation now headed by Ryan Jesperson.‎

The Tezos project and its founders are ‎facing several class-action lawsuits in the United States. Plaintiffs accuse them of fraudulently marketing the sale of their tokens as charitable, non-refundable contributions in order to avoid governmental and private scrutiny.

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