The Zug, Swtizerland-based Tezos Foundation, which raised over $232 million in a crowdfunding initiative in July to develop a cryptocurrency and blockchain network, has reorganized its board which it hopes, would help in the launch of its Tezos network and tezos coins.
The launch had been delayed due to infighting between its three founders – Kathleen and Arthur Breitman, founders of the US-based Dynamic Ledger Solutions, and Johann Gevers, one of the founders of the Cryptovalley ecosystem in Zug and the CEO of Monetas, a digital payments company.
The feud was apparently over the management of the funds raised.
The July funding was one of the largest amount raised in an initial coin offering.
Breitman’s US-based company is developing the Tezos blockchain network.
In a statement on Thursday, the Tezos foundation announced that its president, Gevers, has “voluntarily” stepped down to optimally support the foundation.
“Tezos achieves important milestone,” Gevers announced on Twitter.
“After months of very hard work under extremely difficult conditions, I’m very happy that we’ve achieved a good resolution that optimally serves the interests of the Tezos project and the wider crypto ecosystem,” he added.
Gevers will be replaced by Ryan Jesperson, a former fintech executive and an investor in the Tezos project, who plans to relocate to Zug.
Jesperson also led the efforts to establish a rival Swiss foundation for the Tezos project called the T2 Foundation.
Fernandez Pons, another board member, also resigned and will be replaced by Michel Mauny, a Paris-based researcher.
New appointees will join Lars Haussman, who joined the board on January 31.
“With the appointment of the two new members to the Board, the Foundation is preparing itself to assist in the timely launch of the Tezos network,” the Tezos foundation said.
Tezos is planning for a February launch of its Tezos coins, Fortune magazine reported.
As the infighting went on, several class action lawsuits were filed in the US against the Tezos project, alleging securities fraud.
Earlier this month, the US Securities and Exchange Commission had denied a public information request on the Tezos project from a lawyer representing those who filed the lawsuits.
The watchdog said that releasing any information could interfere with a probe or enforcement activities, Reuters reported.
It is not clear whether Tezos and its founders were subjects of an SEC investigation.