A press release published today from EOS creator, block.one, announced that the company’s $1 billion EOS VC Venture Capital Division will be lead by Former Jefferies Asia CEO, Michael Alexander. Alexander will act as the division’s CEO and serve on the Block.one Executive committee.

EOS has been one of the most highly anticipated blockchain platforms to hit the market in recent years. The EOS token currently has an $8 billion market cap and is the 5th most valuable cryptocurrency in the world.

Michael Alexander, who is currently stationed in Hong Kong, worked at Jefferies group for 8 years prior to joining block.one. Today’s press release states that as CEO of the venture business unit, Alexander will be responsible for managing both direct venture investments and EOS VC partnerships. He will be focusing on sourcing and investing in projects developing on the EOSIO ecosystem.

EOS VC has already acquired $700 million through VC partnerships across the globe. Block.one Group President Rob Jesusdason described his enthusiasm for the new leader of EOS VC:

“Our partnerships and investment efforts through EOS VC are critical in driving adoption and innovation in the EOSIO ecosystem. We are committed to supporting companies that want to build businesses and DAPPs on the platform. Mike has extensive experience in investment banking and is one of the most respected individuals in the financial services industry in Asia. I am delighted he is joining the team.”

Alexander has over 25 years of experience in capital markets, focused primarily in Asia. In addition to working for Jefferies, Alexander has previously worked as Group Head of Sales and Sales Trading at ClSA Hong Kong, Director of Asian Propreitary Trading at Deutsche Bank Hong Kong, and Head of Proprietary Trading at JPMorgan Hong Kong and Ord Minnet.

Alexander commented on his new position in the block.one press release:

“Block.one is shaping the next generation of technology and the internet. The vision of its founders has resulted in it being one of the fastest-growing organizations in the world and I am excited to be joining. The company’s unique position as the publisher of the EOSIO open-source code means that it is poised to lead the way in investments related to the burgeoning platform.”

To date, block.one’s most valuable VC partnerships have come from Galaxy Digital LP and SVK crypto.

Galaxay Digital LP is a cryptocurrency merchant bank headed by Mike Novogratz. The company invested $325 million into the EOSIO Ecosystem fund in January of this year.

SVK crypto is an industry leading investor in blockchain technology. The London-based company invested $50 million to ‘accelerate the growth and development of the EOSIO blockchain ecosystem’ in June.

EOS and block.one have continued expansion despite a litany of problems arising since EOS’ network launch last month. EOS was thought by many to be the next evolution in DApp and smart contract technology, and that the platform would likely pose a serious threat to the original smart contract platform, Ethereum. However, the platform’s launch has been anything but smooth.

The official EOS network launch was delayed by two weeks after last minute security concerns surrounding the network required resolving. Since that time, the EOS network has gone down multiple times, and there have been a series of controversies surrounding accounts being frozen and shortages of network RAM availability for developers.

The platform’s turbulent start has raised concerns surrounding EOS’ governance model. The platform uses a Delegated Proof of Stake (DPoS) consensus algorithm, designed by EOS creator Daniel Larimer. DPoS was initially considered to be one of the most advanced and elegant solutions on the market for blockchain consensus. However, the previously mentioned controversies have been handled so poorly by EOS’ governing bodies that Larimer himself has proposed replacing the project’s existing constitution.

The post EOS Hires New CEO to Lead Billion Dollar Venture Capital Division appeared first on UNHASHED.

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