The CEO of blockchain protocol Algorand, Steven Kokinos, has announced that he is stepping down from his role to focus on projects related to scale adoption.
In a Twitter thread on Wednesday, Kokinos said who will be transitioning from his role at Algorand, where he has served as CEO since October 2018 after leaving software development company Fuze. According to Algorand, Kokinos will remain with the firm as a senior adviser involved in “key projects” through 2023, while former COO W. Sean Ford will act as interim CEO.
“[Kokinos] has been instrumental in the early success of our business, and we appreciate his commitment to a smooth transition.”said Algorand founder Silvio Micali. “Sean is well positioned to partner with me to keep business operations running as usual, and to help us transition Algorand into our next phase of growth.”
Today I want to share with the #algofam that I’m transitioning out of my current role as @Algorand‘s CEO to focus on key projects in the @Algorand ecosystem that will help scale adoption. (a ).
— Steven Kokinos (@stevekokinos) July 27, 2022
Today I want to share with the #algofam that I am transitioning from my current role as CEO of @Algorand to focus on key projects in the @Algorand ecosystem that will help scale adoption. (a ).
Algorand token price (ALGO) did not appear to be affected by the announcement, rising less than 1% in the last hour to hit $0.31 at press time. The price of ALGO has fallen by approximately 87% since reaching an all-time high of $2.37 in September 2021.
In an April interview with Cointelegraph, Micali said he hoped “speculation will go away, and real-world use cases of blockchain will kick in” within the next year based on more technology and greater scalability. The team behind the Algorand protocol previously committed to making it a carbon-negative blockchain by implementing a “sustainability oracle.”
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.