Bitfarms Nominates Former Paxos COO to Board of Directors

Bitcoin mining firm Bitfarms has nominated Andrew Chang, a former chief operating officer of Paxos, for election to its board of directors at a special shareholder meeting slated for November.

Bitfarms announced the nomination on Tuesday, noting that it was unanimously supported by the board following a “thorough director search process and interviews with several qualified candidates.”

As agreed with Riot Platforms in September to resolve the U.S. rival miner’s hostile takeover bid, Bitfarms will ask shareholders to vote on various issues at the special meeting on November 20. Bitfarms aims to gain shareholder support to expand its board of directors from five to six members and to approve the appointment of Chang as the sixth director.

According to the announcement, Chang served as the chief operating officer of crypto fintech startup Paxos from 2014 to 2021 and has since transitioned to an advisory role with the firm.

Paxos is best known for its regulated stablecoin project and platform. “At Paxos, he helped grow the team from 8 to 190 employees and launched the first regulated blockchain-focused trust company and the first regulated stablecoin in the U.S.,” Bitfarms stated in the release.

Additionally, Bitfarms announced on Monday the appointment of Rachel Silverstein as U.S. General Counsel amid its entry into the U.S. mining market through the acquisition of Stronghold Digital.

Silverstein is the co-founder of Firm 21m, a law firm that primarily represents Bitcoin miners, energy companies, investors, and data center builders. Before founding the firm, she served as General Counsel at rival miner CleanSpark from 2020 to 2023.

Meanwhile, Stronghold Digital recently announced the departure of its chief financial officer amid the merger with Bitfarms.