BitTorrent creator Bram Cohen has stepped in as CEO of Chia Network following the departure of Ryan Singer, CoinDesk reports.
Cohen, who co-founded Chia after leaving BitTorrent, is hoping to create a less energy-intensive alternative to bitcoin. Chia’s tokens are generated through “farming”—unlike other cryptocurrencies that are mined—which is supposed to reflect the company’s more ecological approach.
The company has garnered some important investors, including Greylock Partners, Naval Ravikant and Andreessen Horowitz, raising $3.4 million in funding since it started.
Amid the reshuffle, Chia's CFO and general counsel Mitch Edwards will also now "take on existing business development relationships," a spokesperson told CoinDesk. Edwards served as Overstock’s acting CEO before joining Chia.