Kokinos will now act as Algorand's senior adviser.
Algorand, a blockchain-based technology firm, has recently announced that its CEO Steven Kokinos has left the company and would be shifting to other “key projects in the Algorand ecosystem” to boost adoption.
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According to the official announcement issued on July 27th, Sean Ford, who was previously Algorand’s COO, will be replacing the former as the company’s newest interim CEO.
Silvio Micali, the founder of Algorand, commented on the latest news and noted that Kokinos managed to bring much expertise into the business and that he will be missed. Micali additionally stated:
"Sean is well positioned to partner with me to keep the company operations running the business as usual, and to help us transition Algorand to our next phase of growth."
Likewise, Kokinos also shed some light on the departure and implied that he is excited to see what the company will achieve in the upcoming future.
The official report read that Kokinos will continue serving as a senior advisor to the company until mid-2023.
Following the retreat, Algorand’s native token ALGO is currently sitting at $0.33, increasing 5.84% in the last 24 hours.
Algorand, founded back in 2017, was created with the purpose of displaying that blockchain can be secure, scalable, and decentralized at the same time. Currently, Algorand has two "layers," as it is running on the Proof-of-Stake (PoS) consensus mechanism.
Nonetheless, Kokinos isn't the only one to sail off somewhere else, as earlier in July, Samir Shah, JPM's ex-head of asset management sales, left the investment bank and joined crypto hedge fund Pantera Capital.
