Cosmos altcoin Ignite CEO Peng Zhong, one of the important companies of the ecosystem, left the company after Jae Kwon’s return.
CEO of Ignite Company Crucial to Cosmos Altcoin Resigns
Zhong said in his statements on Twitter:
“Today is my last day on Ignite. Thank you for the friendship we shared while building this ecosystem. It’s been an honor to be a part of this team and this community. I’ll miss you.”
Today is my last day at Ignite. Thank you for the camaraderie we shared as we built out this ecosystem. It’s been an honor to be a part of this team and this community. I will miss you. 💙
— Peng Zhong (@zcpeng) July 1, 2022
One of the leading companies in the Cosmos ecosystem, Ignite was previously called Tendermint.
Cryptocurrency The company was founded by Kwon in 2014, but Kwon left his CEO role in 2020 to focus on another project called Virgo. When he left, Zhong stepped in to fill the void.
Earlier this year, Kwon decided to return to Tendermint and use the company’s legal personality and name for a new project. As a result, Tendermint changed its name to Ignite and the entire company went through a rebranding process.
At the time, Zhong said that Ignite would focus on promoting the “new product explosion on Cosmos technology.”
However, Zhong’s sudden departure raised questions about Ignite’s future. While the company’s website was updated to focus largely on the Blockchain development tool Ignite CLI, pages about the venture arm and accelerator disappeared.
In addition, one of the company’s most important products, Emeris, which represents a cross-chain DeFi protocol, has been suspended. The company’s website states that the project will be “sometimes shut down”.
*Not investment advice.