Cheyenne, WY, November 26, 2020 – XBR, LLC the creator of the bitcoinR cryptocurrency (“XBR”) today announced the appointment of a new CEO, Michael Garner. XBR, LLC expects the transition to be completed by 31 December 2020.
XBR, LLC was founded in Wyoming in 2018 to govern a regulated fork of the Bitcoin cryptocurrency (“BTC”) with an eventual targeted price stability point of $1,000 per unit with a +/- 15% trading range. The underlying theory intended to stabilize XBR price is based upon open market operations (OMO) similar to those employed by a central bank such as the Federal Reserve or the Bank of England.
XBR CTO Nicholas Chavez will continue to serve the company as an informal, unpaid advisor but has voluntarily relinquished all technical and legal responsibility and authority for XBR, LLC and the bitcoinR network to Mr. Garner.
“Michael Garner is an accomplished technology leader with more than a decade of technology management experience. I’ve chosen Michael for his demonstrated, battle-borne leadership qualities earned as a U.S. Army veteran,” said Chavez, “Michael’s hard-nosed, tactically-oriented, action-based program management style will be responsible for aggressively expanding bitcoinR’s footprint beyond the USA, Russia and China where most of our community is based presently.”
bitcoinR was released for mining in the U.S. in March 2020 but quickly expanded internationally.
“I had not anticipated that the mining community would grow so quickly, nor did I expect much interest from international miners. The founding team designed a digital currency that would be based upon transparency of use. Having a large subset of our mining community based outside of the United States makes this a very difficult if not impossible ideal to achieve,” said Chavez.
It is expected that Mr. Garner will find and appoint new advisors to the bitcoinR team. New versions of the bitcoinR whitepaper will reflect changes to the
bitcoinR team and strategy when they occur.
“I’ve been impressed by bitcoinR’s advancements and growth over the past two years and am honored and excited to lead the next phase of the company’s growth,” said Michael Garner, Chief Executive Officer at XBR, LLC. “Nicholas and his founding advisory team have combined technology with intelligent economic procedures to create a truly unique strategy where XBR was rightly intended to act as a stabilizing reserve instrument in the digital currency space. I am excited to transition bitcoinR from its cryptonomic-strategy-phase into an aggressive market penetration phase.”
There are currently less than 13,000,000 XBR in existence with 6,500,000 escrowed for quarterly OMO or backing of outside meritorious token offerings. Thus far, 500,000 XBR have been “burned” via OMO. There are presently more than 8,000,000 XBR available for future mining. XBR, LLC will retain 1,400,000 units of XBR under Garner’s leadership to pay expenses and personnel. Digital Goals, Inc. will retain 1,050,000 units of the XBR digital currency for its founding contribution to the bitcoinR project for benefit of its founders, investors and advisors.
Certain statements herein, including statements regarding future development plans, are forward-looking statements that are subject to risks and uncertainties. These forward-looking statements are based on management’s current expectations. Various important factors could cause actual results to differ materially, including the risks identified in the bitcoinR whitepaper. XBR, LLC disclaims any obligation to update any forward-looking statement contained in this press release.
Further detail regarding the technology, economics and governance model may be found at: http://www.bitcoinr.org/whitepaper. Contact [email protected] for more information.