Canaan Creative co-founder leaves firm over strategic disagreements

Mining • February 12, 2019, 1:25PM EST

UPDATED: February 12, 2019, 1:34PM EST

Xiangfu Liu, one of the three co-founders of crypto mining manufacturer Canaan Creative, has stepped down from his role as a board member, CoinDesk reports. He had served on the board since 2013.

Sources tell CoinDesk that Liu left his role due to disagreements over the firm's strategy. While Liu wanted Canaan Creative to look into investing in crypto mining farms and pool businesses, the management team wanted to build the company purely on manufacturing chips for crypto mining and AI.

In 2018, Canaan Creative applied for a $400 million Hong Kong IPO. The firm allowed the application to expire over concerns about its business model, and prospects were brought to its attention by regulators and the Hong Kong stock exchange. Liu currently owns a 17.6 percent stake in Canaan Creative.

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Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi