BitGo Co-Founder Ben Davenport Is Stepping Down

Ben Davenport, a co-founder of blockchain security startup BitGo, is stepping down as chief technology officer.

Starting next week, he will work part time as an advisor, he said in a statement Friday.

He said he intends to spend some time with his family and the broader bitcoin community as he determines his next steps. Ben Chan, another employee at the company, will take over as CTO.

"When [co-founder Mike Belshe] and I met, we had a shared vision to build an infrastructure company that would play a crucial role in speeding the adoption of bitcoin," he wrote, adding:

"It was a big vision for a few guys in a tiny room, and the path was by no means straight or easy ... But today, BitGo is the most trusted name in enterprise digital asset security, provides services for 20 different coins or tokens, and handles over $10 billion of transactions monthly. And BitGo is just getting started."

Davenport said that while "there's never an easy time to leave," this is a good moment, given the company's recent acquisition of the asset custodian Kingdom Trust, and the strength of the remaining team, including his successor.

"It’s incredible to think that Bitcoin didn’t even exist 10 years ago. And yet we’re still just in the first couple miles of a marathon. I’m incredibly grateful to have been able to do my small part, though I hope it will not be my last contribution by any means. HODL on," Davenport wrote.

Bitcoin security image via Shutterstock