Blockchain protocol Algorand CEO Steven Kokinos has announced that he is leaving his post to focus on projects related to adoption at scale.

In a Twitter thread on Wednesday, Kokinos said He will be transitioning from his role as Algorand, where he has served as CEO since October 2018 after leaving software development company Fuze. According to Algorand, Kokinos stay at the firm as a senior adviser involved in “key projects” through 2023, while former COO W. Sean Ford will act as interim CEO.

“[Kokinos] has been instrumental in the early success of our business, and we appreciate his commitment to a smooth transition,” said Algorand founder Silvio Micali. “Sean is well positioned to partner with me to keep company operations running as usual. and help us transition Algorand into our next phase of growth.”

The price of the Algorand token (ALGO) did not appear to be affected by the announcement, rising less than 1% in the last hour to hit $0.31 at press time. The price of ALGO has fallen by approximately 87% since reaching an all-time high of $2.37 in September 2021.

Related: What is the Algorand blockchain and how does it work?

In an April interview with Cointelegraph, Micali said he expected “speculation to die down and real-world blockchain use cases to start” within the next year based on more technology and increased scalability. The team behind the Algorand protocol previously committed to making it a carbon-negative blockchain by implementing a “sustainability oracle.”

This post Steven Kokinos Switches to Algorand Advisor Role as Company Appoints Interim CEO

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