Former BinanceUS boss, Brian Brooks has been appointed as the new Chief Executive Officer of Bitfury Group, an Amsterdam-based bitcoin mining company.
Brooks took over for Valery Vavilov (one of Bitfury’s founders), according to the news announcement. The latter was named Chairman of the Board of Directors and Chief Vision Officer after serving as the company’s CEO for the previous ten years.
Bitfury plans to open a new investment round in the coming months, with the goal of expanding its mining operations with a new microprocessor design. As a result, Brooks will be in charge of elevating the firm to the forefront of the European digital asset industry.
Bitfury is “renowned for its sustained development and best-in-class proprietary technologies,” according to him. He concluded that the company’s inventive nature positions it well for long-term success.
Brooks appears to be a big believer in cryptocurrencies and blockchain technology. He detailed their benefits last year, saying:
“Blockchain has the potential to connect up, in a decentralized network, all kinds of data. It has the ability to create large, friction-free, decentralized networks of people. There is huge and great promise in blockchain and crypto.”Brian Brooks, Source: Forbes
Valery Vavilov, a Latvian entrepreneur and Bitfury Co-Founder, said he is “thrilled” to have Brian Brooks as the company’s CEO, describing him as a “recognized executive with strong regulatory, digital asset, and capital markets expertise.” Vavilov noted that appointing him to that position would be extremely beneficial to Bitfury’s growth strategy.
The bitcoin mining company was created in 2011 and is one of the oldest in the industry. Bitfury revealed its desire to do an initial public offering (IPO) in either London or Amsterdam last month. It has notable supporters, including Mike Novogratz’s Galaxy Digital, and is valued at over $1 billion.
At Binance, Brooks did not last long.
Brooks was named Chief Executive Officer of Binance US, the biggest cryptocurrency exchange’s US division, in April of this year. Under Donald Trump’s presidency, he was the acting head of the Office of the Comptroller of the Currency (OCC).
His rule, however, was short-lived, as he resigned from the job in August. The 52-year-old American cited conflicts between himself and the exchange’s strategic direction as the sole reason for his resignation.
