DeFiance Capital, the California based crypto investment company has been hit by a major leadership shake up following the departure of the top level executive. Last week, the head of portfolio growth at DeFiance, Yeou Jie Goh, stepped down from his role.
He stated that he would be leaving office to pursue other career opportunities. Goh joined DeFiance in late 2021 and has supported investment managers to attain its core objectives.
DeFiance Faces Transition in Leadership
During his tenure, Goh led the DeFiance team in a legal dispute with Teneo, the liquidators of Three Arrow Capital (3AC). DeFiance Capital initially managed assets worth $140 million, comprising 3AC corporate structure.
Following the implosion of FTX that dragged a high-profile crypto exchange to a liquidity crisis, the embattled hedge fund filed for Chapter 11 of bankruptcy protection. The insolvency of 3AC exposed most of the crypto firms to financial woes.
This forced the stakeholders to develop a restructuring plan to repay the 3AC creditors. Following recent court proceedings, the Teneo legal team claimed that the assets managed by DeFiance should be retained by the 3AC estate and distributed evenly to the creditors.
On the other hand, the DeFiance team argued that the funds should be returned to the investors. After lengthy court proceedings, the judge agreed to the case in Singapore on August 8, 2024.
The report indicates that the DeFiance was materially affected by the fallout of 3AC. This forced the investment company to launch a $100 million fundraising to invest in liquid tokens.
Chromia Reveals Next Move
Apart from this, Goh’s resignation left the investment company with professional gaps. Shortly after Goh revealed plans to resign from his role, the DeFiance team announced a vacant job position.
In a separate report, the Chromia co-founder Or Perlman appointed Goh for a top-level executive role. Based on Goh’s vast experience, Perlman believes that setting up an executive will help Chromia attain the desired success.
In readiness to launch Chromia mainnet, Perelman anticipates that Goh will leverage his experience to take the firm to the next level. He stated that Chromia is developing a blockchain network programmed in the Rell language.
Crypto Firms Seeks to Reduce Transaction Cost
According to the report, the Rell smart contract has characteristics similar to SQL language. The primary objective of developing the Rell blockchain network is to reduce transaction costs and increase speed.
The executive anticipates that launching the new blockchain network will support the developers in building Web3 applications more effortlessly. In his address, Perelman was pleased to state that Chromia was developing a blockchain network.
Besides developing the Rell smart contract Chromia recently launched its native token CHR on several trading platforms. According to CoinMarketCap, CHR is trading at $0.1833, a 0.43% increase in a day.