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Adam Back Appointed Blockstream CEO in Leadership Shake-Up

Bitcoin startup Blockstream has a new CEO.

Updated Sep 11, 2021, 12:31 p.m. Published Oct 3, 2016, 3:59 p.m.
Adam Back of Blockstream

Bitcoin startup Blockstream has a new CEO.

The company said today that its first CEO, Austin Hill, is formally stepping aside, with current president Adam Back being appointed to the role.

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As part of Hill's exit from the firm, he has also stepped down from the board. Blockstream said that Hill was leaving the company to "pursue other opportunities".

Back, a noted cryptographer who is one of the startup's founders, said in a statement:

"I am honored to take on the CEO position at this important phase in the company’s growth and am excited about leading Blockstream to its full potential. We have a world­class team dedicated to building the foundation that will underpin the transformation of finance for years to come."

It’s been a busy year for Blockstream, which announced $55m in new funding in February. To date, the startup has raised more than $70m in venture capital in order to support its efforts to develop bitcoin-focused initiatives such as sidechains and the Lightning network.

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Hill’s exit comes as the startup has moved to bolster its developer ranks. Earlier this summer, Blockstream acquired bitcoin wallet startup GreenAddress, which further boosted its employee base.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Blockstream.

Image via Flickr

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