Bcause LLC announces board election results

January 24, 2018 04:01 PM

Bcause LLC has announced today the results of its board of managers and chairman election results. 

Karan Rai, a member of the board of managers, was elected as the new Chairman of the Board. Rai is founder and CEO of ASGARD Partners & Co., a New York-based investment and advisory firm. He has served on the Board of Bcause since September 2016 and has been affiliated with the company since 2013. Previously, he was CEO of Theodor Wille Intertrade Inc. and President of ADS Inc.

Five new directors were also elected. They are Jerry Chan, Scott Early, Ron Filler, Tom Hammond and Chris Sikes.

Jerry Chan is a veteran of financial technology and cryptocurrency. He serves as chief of digital asset solutions of SBI BITS, the fintech arm of Tokyo-based SBI Holdings. He held positions at Goldman Sachs and JPMorgan before entering the field of cryptocurrencies, including at Bitcoin start-ups in Japan and ultimately at SBI.

Scott E. Early is a retired attorney as of 2012 from Foley & Lardner, America’s oldest law firm.  He served as General Counsel to the Chicago Board of Trade, Kansas City Board of Trade and other exchanges. He also was the CEO and General Counsel of the Board of Trade Clearing Corp. (BOTCC).

Ronald H. Filler is Professor of Law and director of the Financial Services Law Institute at New York Law School. He is also a public director and Executive Committee member of the National Futures Association and a Past Chair of the U.S. Commodity Futures Trading Commission (CFTC) Global Markets Advisory Committee. Filler previously was a managing director in the Capital Markets Prime Services Division at Lehman Brothers Inc.

Thomas Hammond served President of ICE Clear U.S. for nearly 10 years until his retirement on Jan. 1 2017. Hammond has also served as a board member of AtlasBanc Holdings Corporation since July. He also participates on the Chicago Federal Reserve Bank’s Working Group on Financial Markets.

Chris Sikes, one of the founders of Bcause, is the computer security official and IT project manager in the Center Operations Directorate at NASA Langley Research Center. Before joining NASA in 2013, Sikes was the manager of the systems administration and security group for Jacobs Technology, one of the nation’s largest engineering and technical services-only companies.

“We have been steadily assembling a world-class team to help us implement our vision of providing a full ecosystem of quality cryptocurrency offerings,” Bcause CEO Fred Grede said in a statement. “This election ensures that we have on our Board and team many of the leading minds not only in cryptocurrency, cybersecurity, infrastructure and technology but also in finance and derivatives.” 

Bcause LLC is building a full-stack cryptocurrency ecosystem, which will include a digital mining facility, spot market, regulated derivatives exchange and clearinghouse. Bcause has filed with the U.S. Commodity Futures Trading Commission to become a designated contract market (DCM) and intends to file with the Commission to establish a derivatives clearing organization (DCO). Bcause will launch spot trading in the first half of 2018. The company is headquartered in Virginia Beach, with operations in Chicago.

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