Menu
New Bitcoin Foundation chief eyes crowdfunding

New Bitcoin Foundation chief eyes crowdfunding

A former Morgan Stanley stockbroker, Bruce Fenton says the foundation could run on a surplus budget

The newly appointed head of the Bitcoin Foundation, a group that promotes development of the digital currency, believes crowdfunding is one part of the solution for its troubled finances.

A one-time Morgan Stanley stockbroker, investment advisor Bruce Fenton was appointed executive director based on a vote of five ayes to one abstention by the group's board of directors, the foundation wrote on its blog. He replaces Patrick Murck, who was interim executive director.

The move follows an admission by the foundation that it faces large financial problems linked to the drop in the value of its bitcoin holdings. It rejected board member Olivier Janssens' claim that it is effectively bankrupt.

"I'm confident that we can run a lean and effective foundation and run at a budget surplus by using our resources carefully," Fenton said via email, adding he has not had a chance to review the foundation's assets in detail yet.

"I'd also like to see us use more decentralized tools like crowdfunding," Fenton said. Crowdfunding can be a creative way for members to support the projects they care about, he added.

He also stressed the need for feedback and engagement from corporate and individual members of the foundation.

Fenton, founder of investment firm Atlantic Financial in Massachusetts, worked at Morgan Stanley in the 1990s, specialising in emerging technologies. He is a member of the Bitcoin Association, another bitcoin promotion group, and has organized the Dubai Bitcoin Conference and advised bitcoin startups.

Fenton takes the helm of an organization marked by controversy. Among its founding members are Charlie Shrem, who pleaded guilty to transmitting money linked to the Silk Road online drugs site, and Mark Karpeles, who presided over the collapse of MtGox, once the world's largest trading place for bitcoin. Board members have quit in frustration or spoken out against the foundation.

Tim Hornyak covers Japan and emerging technologies for The IDG News Service. Follow Tim on Twitter at @robotopia.

Follow Us

Join the New Zealand Reseller News newsletter!

Error: Please check your email address.

Tags Internet-based applications and servicesBitcoin Foundationinternet

Featured

Slideshows

Educating from the epicentre - Why distributors are the pulse checkers of the channel

Educating from the epicentre - Why distributors are the pulse checkers of the channel

​As the channel changes and industry voices deepen, the need for clarity and insight heightens. Market misconceptions talk of an “under pressure” distribution space, with competitors in that fateful “race for relevance” across New Zealand. Amidst the cliched assumptions however, distribution is once again showing its strength, as a force to be listened to, rather than questioned. Traditionally, the role was born out of a need for vendors and resellers to find one another, acting as a bridge between the testing lab and the marketplace. Yet despite new technologies and business approaches shaking the channel to its very core, distributors remain tied to the epicentre - providing the voice of reason amidst a seismic industry shift. In looking across both sides of the vendor and partner fences, the middle concept of the three-tier chain remains centrally placed to understand the metrics of two differing worlds, as the continual pulse checkers of the local channel. This exclusive Reseller News Roundtable, in association with Dicker Data and rhipe, examined the pivotal role of distribution in understanding the health of the channel, educating from the epicentre as the market transforms at a rapid rate.

Educating from the epicentre - Why distributors are the pulse checkers of the channel
Kiwi channel reunites as After Hours kicks off 2017

Kiwi channel reunites as After Hours kicks off 2017

After Hours made a welcome return to the channel social calendar last night, with a bumper crowd of distributors, vendors and resellers descending on The Jefferson in Auckland to kickstart 2017. Photos by Maria Stefina.

Kiwi channel reunites as After Hours kicks off 2017
Arrow exclusively introduces Tenable Network Security to A/NZ channel

Arrow exclusively introduces Tenable Network Security to A/NZ channel

Arrow Electronics introduced Tenable Network Security to local resellers in Sydney last week, officially launching the distributor's latest security partnership across Australia and New Zealand. Representing the first direct distribution agreement locally for Tenable specifically, the deal sees Arrow deliver security solutions directly to mid-market and enterprise channel partners on both sides of the Tasman.

Arrow exclusively introduces Tenable Network Security to A/NZ channel
Show Comments