Mining

Canaan Creative co-founder leaves firm over strategic disagreements

February 12, 2019, 1:25PM EDT

Xiangfu Liu, one of the three co-founders of crypto mining manufacturer Canaan Creative, has stepped down from his role as a board member, CoinDesk reports. He had served on the board since 2013.

Sources tell CoinDesk that Liu left his role due to disagreements over the firm's strategy. While Liu wanted Canaan Creative to look into investing in crypto mining farms and pool businesses, the management team wanted to build the company purely on manufacturing chips for crypto mining and AI.

In 2018, Canaan Creative applied for a $400 million Hong Kong IPO. The firm allowed the application to expire over concerns about its business model, and prospects were brought to its attention by regulators and the Hong Kong stock exchange. Liu currently owns a 17.6 percent stake in Canaan Creative.

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