In a significant development, former Algorand CEO Steve Kokinos has been put forward as the potential CEO for the company in the process of acquiring Celsius, a prominent crypto lending platform. This proposal is part of a broader board appointment for Fahrenheit Holdings, the company set to acquire Celsius.
A Board Appointment with Notable Names
According to court documents filed on September 8, the Official Committee of Unsecured Creditors played a substantial role in influencing the board appointment process. Steve Kokinos, who departed from his position as CEO of Algorand in July 2022, is among the nine individuals selected for the board.
The list of appointees also includes Michael Arrington, a well-known figure in the crypto industry. Arrington, who made early investments in tech giants like Uber and Pinterest, established Arrington Capital, a cryptocurrency hedge fund.
Steve Kokinos: A Seasoned Entrepreneur
Steve Kokinos is described in the court documents as a “serial entrepreneur and investor with over 25 years of experience.” Throughout his career, he has founded and operated companies spanning various sectors, including internet infrastructure, cloud software, communications, and crypto.
Committee-Backed Board Selection
Six out of the nine board members were chosen by the Official Committee of Unsecured Creditors. This committee represents the interests of Celsius customers who are still affected by the company’s sudden collapse. Both Scott Duffy and Thomas DiFiore, co-chairs of the committee, have secured seats on the board as well.
It’s worth noting that Duffy and DiFiore did not seek their own appointments, which were made following extensive consultations with the committee’s legal and financial advisors.
The proposal to appoint Steve Kokinos as CEO for the company acquiring Celsius reflects the continued evolution and reshaping of the crypto industry, with experienced leaders from various domains playing pivotal roles in its development.
