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HomeNewsHead of Cardano Foundation Replaced Following ‘Puzzling’ Conduct

Head of Cardano Foundation Replaced Following ‘Puzzling’ Conduct

Michael Parsons, Chairman of the Foundation Council of the Cardano Foundation, has relinquished his title, according to an official announcement.

Council Member of the Foundation Council of the Cardano Foundation to Chairman of the Foundation Council of the Cardano Foundation

He is replaced by one Pascal Schmid, formerly Council Member of the Foundation Council of the Cardano Foundation. Schmid, of Switzerland, is a qualified accountant.

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This news is significant because Cardano’s cryptocurrency, ADA, is one of the more valuable coins, with a market value of $1.8 billion according to coinmarketcap.com.

The Cardano Foundation is one of the three organisations involved in the development of the Cardano “developed from a scientific philosophy” blockchain, which, despite its high market value, is still being developed.

The foundation is a non-profit organisation based in Zug, Switzerland. The other two are IOHK, the engineering company that is developing the blockchain, and EmurgoHK, which promotes the creation of decentralised applications on Cardano from Hong Kong.

The whole setup was begun by Charles Hoskinson, who also co-founded Ethereum. He is the CEO of IOHK.

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