Hedera Hashgraph Reportedly Gives President the Boot After Already Hiring Replacements

Hedera Hashgraph, a major Enterprise blockchain firm fully backed by the Digital Currency Group and BlockTower capital has just revealed that its president, Tom Trowbridge has left the position. Trowbridge was a founding member of the company and had a few responsibilities including raising capital, managing the company's governance council and also ensuring the firm stays on the right side of the law regarding regulatory demands from the US authorities. Before co-founding Hedera in 2017, Trowbridge worked at Lombard Odier and Odey Asset Management, running point in both firms on marketing.

Mance Harmon, the company's CEO, has explained that two new employees who joined the firm earlier this year in January and February will now be handling Trowbridge's responsibilities.

Harmon has said, “we offloaded major pieces of what Tom was doing to the newly hired professionals in very specific areas.” The newly hired professionals as described by Harman are Brett McDowell and Lionel Chocron who joined the company as executive director of the governing council and product management respectively.

Stories floating through the Grapevine, however, have it that Tom Trowbridge was kicked out as he became expendable, especially with the new additions to the firm.

Harmon has however described the former president as having “a fantastic talent set” and maintained that Hedera would still be open to having Trowbridge as an advisor sometime later. At press time, Tom Trowbridge’s LinkedIn page still carried

“President at Hedera Hashgraph”.

Hedera’s Growth

As earlier stated, Hedera Hashgraph has benefited from venture capital firms like the Digital Currency Group and BlockTower Capital who have jointly raised $124 million dollars for the firm to help its goal of competing favorably with Ethereum as the choice network for enterprise entities. Hedera also hopes to comfortably host many decentralized applications and through a proof of stake model, easily handle as much as 500,000 transactions per second. However, some experts think that this projection might be a pipe dream.

In December 2018, Hedera officially began testing its mainnet and also the Hbar, its native digital asset. Since then, a few major companies have officially joined the firm's governance council and Harmon has noted that this was done to spread across the sectors these firms are in and also ensure continuous decentralization. Some of these companies include giants like Nomura Holdings, Deutsche Telekom, DLA Piper, Magazine Luiza and Swisscom Blockchain AG which were the first few to be disclosed by Harmon, a few months ago.

In May, Hedera Hashgraph also signed a lease for an 11,000 square feet property in Richardson, Texas, where it plans to have its global headquarters, making it Hedera’s third location after New York City and San Francisco.

Speaking on the choice of Richardson, Harmon said:

“Richardson, as the high-tech hub of Texas, a major international business gateway and home to The University of Texas at Dallas, offered us the optimal location, connectivity and intellectual capital needed for Hedera Hashgraph to thrive.”

Did Facebook’s Libra Copy Hedera?

Mance Harmon has maintained that in February 2018, he told David Marcus, Libra’s main boss, about certain plans, now accusing Marcus of copying the plans for the recently announced Libra. Harmon says that his plan specifically had a plan to shift their network from permissioned to permissionless within 5 years.

In June, Hedera took out an ad in the Wall Street Journal, publicly accusing Libra of this. The ad said:

“Thank you Facebook Libra. Imitation is the sincerest form of flattery.”

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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify bitcoin stories to the bare basics so that anyone anywhere can understand without too much background knowledge and add in social research and feedback insights. When he's not neck-deep in crypto news, Tolu enjoys music, loves signing and is an avid movie lover.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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