Coinify, a blockchain payment service provider, has announced that Hans Henrik Hoffmeyer is stepping down from the position as Chairman of The Board to become Board Member and Steen Parsholt is joining the startup as the new Chairman.

Hoffmeyer played a pivotal role in establishing Coinify. He was the one who first started dialogue with Bitcoin Internet Payment System and Bitcoin Nordic to form a stronger ecosystem player in the early days of bitcoin. Coinify was established in 2014 and acquired intellectual properties from both companies and immediately started -merging the two companies into a single platform, building the new brand, securing growth investment, establishing first key hires and partnerships.

“We think that Hans Henrik’s performance as chairman had been truly outstanding and we greatly appreciate all his efforts in navigating us to where we are today” said Coinify CEO and co-founder Mark Højgaard.

With traditional financial institutions increasingly taking interest in blockchain technology, Coinify said that it recognizes the need to bring more traditional banking expertise into its board. It said that the change in the board leadership was a strategic decision made unanimously by all the company founders. Coinify believes that Parsholt will set new standards for its Board as a professional board member.

“I am pleased to welcome Steen Parsholt at his new role as Coinify Chairman and I am confident that under his lead, we will be able to establish even stronger ties to the financial industry as well as implement his experience from this sector into our strategy. We foresee that 2017 will be a very exciting year for Coinify, and we have been readying ourselves for formal regulation and compliance to finally kick-in in our industry which we have worked tirelessly for – and I am excited to see this as part of the board work,” added Hoffmeyer, who will continue his involvement with the company as regular board member.