Gavin Wood is stepping down as the chief executive officer at Parity Technologies, which builds blockchain infrastructure. Wood will remain as the company’s major shareholder.
Björn Wagner, co-founder of Parity, will take over as CEO, while Wood will retain the title of chief architect, he tweeted on Friday afternoon. Bloomberg first reported the news.
Wood co-founded Ethereum
before co-founding Polkadot, which is a protocol that connects multiple different blockchains and is supported by Parity. He built Polkadot after finding Ethereum’s design to be limiting in terms of scaling and interoperability. Polkadot’s token, called DOT, has a market value of $6.8 billion, according to CoinGecko, making it the 11th largest crypto asset.
“I’ll be pointing my regained focus towards exploring how we can contribute to making Polkadot and Web3 more relevant to large swathes of the population,” Wood said in a blog post on Friday.