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Finance

Ignite CEO Peng Zhong Announces Departure Shortly After Re-Organization

Zhong’s exit comes weeks after the company’s former CEO, Jae Kwon, said he is re-joining the company as the CEO of spinoff New Tendermint.

By Sam Kessler
AccessTimeIconJul 1, 2022 at 4:24 p.m. UTC
Updated May 11, 2023 at 6:48 p.m. UTC
(Unsplash/Oscar Sutton)
(Unsplash/Oscar Sutton)

Peng Zhong, the CEO of Ignite, announced his last day on Twitter Friday. Ignite is the company behind the founding of blockchain ecosystem Cosmos.

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    • Zhong’s departure comes just a few months after the company changed its name from Tendermint as part of a reorganization.

    In May, CoinDesk reported Ignite’s former CEO, Jae Kwon, would be rejoining the firm. Kwon, one of Cosmos’s co-founders, left the company in 2020 after a widely publicized dispute with some of its employees.

    With Kwon’s return the company announced Ignite would split into two: Ignite and New Tendermint, with Zhong continuing to helm Ignite and Kwon taking over as CEO of New Tendermint.

    CoinDesk has reached out to Zhong and Kwon for comment.

    This is a developing story. Check back for updates.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Sam Kessler
    Sam Kessler

    Sam is CoinDesk's deputy managing editor for tech and protocols. He reports on decentralized technology, infrastructure and governance. He owns ETH and BTC.

    Follow @skesslr on Twitter
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