Bitcoin Foundation appoints South African investor as new chairman

Bitcoin’s oldest organization, the Bitcoin Foundation, has voted to elect a new executive director.

Outgoing Executive Chairman Bruce Fenton informed the board that the appointments had been finalized (rumors had swirled that he had resigned) and that the Bitcoin Foundation would be appointing Llew Claasen as director.

Claasen is a venture capitalist from Cape Town, South Africa, and managing partner of Newtown Partners. His background is primarily in online and mobile infrastructure. Fenton will remain a member of the Bitcoin Foundation’s board of directors.

The term is reportedly set to start on June 14. Notably, board member and Civic CEO Vinny Lingham did not vote due to his long-standing business relationship with Claasen.

After the new chairman took office, there was also news that the Bitcoin Foundation received new funding.

Although it once had nearly 10 full-time staff members, the Bitcoin Foundation got rid of all of its high-paid employees in 2014. In 2015, the organization reorganized to become a more volunteer organization focused on software development.