Cardano (ADA) Foundation Chair Michael Parsons Resigns as Pascal Schmid Takes Over

The Cardano Foundation has made an important announcement today on its site. The current chair of the Cardano Foundation, Michael Parsons, is set to resign, and Pascal Schmid will take his place as the new chair of the foundation.

Parsons has decided to resign after a good amount of trouble has happened at the Cardano network lately, mainly because the community was at a sort a “civil war” that was mainly centered around the figure of Michael Parsons. A good share of the community demanded his resignation from his office and the foundation decided to comply with the decision from the community.

The announcement, which has been published on the site, affirms that Parsons has officially resigned now and that Schmid will take over as the interim chairman of the Cardano Foundation, which means that there is the chance that another change in seats will happen soon.

At the page, it is also informed that Pascal Schmid has graduated from the University of St. Gallen in 2004 with an M. A. HSG in Finance, Accounting and Controlling and has many years of professional experience. It was also affirmed that the

“Foundation is working to supplement the Foundation Council with suitable persons as soon as possible”.

Trouble At The Cardano Foundation Made Michael Parsons Resign

It is no secret that Michael Parsons was not a loved figure. He had accusations of poor leadership made against him from powerful figures in the Cardano market like Charles Hoskinson, which was the creator of Cardano and it is still its main public figure, and the Emurgo CEO Ken Kodama.

Both of them have published a lengthy ultimatum several weeks ago in which they accused the former chairman of the Cardano Foundation of misusing the funds of the foundation. They affirmed that they were disappointed and frustrated with the foundation and that its inactivity and its perceived failings were worrisome, as were the fruitless attempts to change the leadership of the foundation.

They also accused Michael Parsons of monopolizing the power of the foundation, which was supposed to have four seats and he mostly took them all to himself. The post described him as the sole decision-maker in the Cardano Foundation and of “ruling its staff like a monarch”. They also affirmed that, in more than 15 months, there were no reasonable attempts to fill the 2 council vacancies.

Even harsher allegations were that Parsons was using the funds of the foundation for himself and that he lacked transparency as he would not publish checks and balances beyond what was required by the Swiss law.

Finally, there were even accusations that there was a power struggle within the Cardano Foundation and that other leading bodies in the Cardano ecosystem were very dissatisfied with the institution. For instance, Parsons was accused of lying that he owned the trademark of Cardano when that was not the truth at all.

The Cardano Foundation is only one of the three independent governing bodies that “rule” Cardano and develop its technology for the whole ecosystem. The institution is based in Switzerland and it has become increasingly separated from the two other organizations and from Hoskinson’s Input Output Hong Kong (IOHK) and the Japanese-based Emurgo.

IOHK is responsible for the engineering and development of the platform and Emurgo invests in startups and commercial ventures for Cardano. The foundation was supposed to also help with the development of the Cardano ecosystem, but it seemed to lack the will to make a good work.

The “civil war” has become so big that Parsons had no choice but to resign due to the pressure from his peers and the result was the change of seats that we saw today.

Get Free Email Updates!

*Action Required* Enter Your Email for Trending Crypto News & Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \\ Investment Disclaimer

Coin Market Cap Price Change 24 Hour Volume
BTC $162.98B $9,175.9419 4.87% $5.82B
ETH $29.31B $275.2153 2.88% $1.84B
XRP $17.94B $0.4222 3.39% $566.96M
LTC $8.56B $137.6000 0.72% $829.12M
BCH $7.76B $434.7583 2.62% $261.29M
EOS $6.58B $7.1545 5.62% $823.13M
BNB $4.61B $32.6453 0.38% $261.05M
BSV $3.87B $216.7512 -0.10% $124.78M
USDT $3.45B $1.0045 0.00% $5.35B
XLM $2.5B $0.1286 0.97% $86.12M

Get 3 Free Bitcoin eBooks for Limited Time Only

Receive three exclusive user guides detailing a) What is Bitcoin b) How Cryptocurrency Works and c) Top Crypto Exchanges today plus a bonus report on Blockchain distributed ledger technology plus top news insights.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.