December 12, 2017 / 6:18 PM / in a year

Tezos board member resigns, fueling turmoil at cryptocurrency startup

LONDON/ZURICH, Dec 12 (Reuters) - One of the three board members of the Swiss foundation that conducted the online fundraiser for the embattled Tezos cryptocurrency tech project has resigned, Reuters has learned.

The departure on Monday of Guido Schmitz-Krummacher, a Swiss legal and management expert, is likely to add further turmoil to the project, which raised $232 million in cryptocurrencies in July.

The project has been embroiled in a battle over control between its founders, Arthur and Kathleen Breitman, and the president of the Zug-based Tezos Foundation, Johann Gevers. Reuters detailed the feud in September.

Schmitz-Krummacher resigned because he was frustrated by the infighting, which was consuming a lot of his time, according to information obtained by Reuters. He sits on several dozen Swiss boards.

Under the foundation’s bylaws, Gevers gets to nominate Schmitz-Krummacher’s replacement. If the third board member votes against the candidate, Gevers can cast an overriding vote.

Representatives for the board and for the Breitmans did not immediately respond to separate requests for comment. (Reporting by Steve Stecklow in London and Brenna Hughes Neghaiwi in Zurich; Editing by Lauren Tara LaCapra)

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