Roger Ver Appoints Dennis Jarvis as New Bitcoin.com CEO, Formerly of Apple and Rakuten

TL;DR: Veteran Chief Product Officer Dennis Jarvis, formerly of Apple and Rakuten, has been promoted to CEO of Bitcoin.com. An internal memo obtained by CoinSpice, from Bitcoin.com Executive Chair Roger Ver to employees, shows now-former CEO Mate Tokay stepped down after little more than a month at the helm. In the announcement, Ver continued his theme of “introducing a new, simpler leadership structure,” and addressed “lagging morale” among the team, promising to take “direct action [to] rectify these problems.”

Roger Ver Appoints Dennis Jarvis as New Bitcoin.com CEO

“Dennis is and always has been the rock inside of the Bitcoin.com team,” a person familiar with the matter told CoinSpice on condition of anonymity. “He has decades of product experience, spanning from Apple, to Orb, inc, to Rakuten [….] He’s the kind of leader that is right in the front lines, working shoulder to shoulder with engineers, designers, and managers to make everything better each day. Jarvis has earned the respect of the entire company over his two years at the company. Everyone is happy for him. It’s the most earned promotion I think we’ve seen in a long time and has renewed faith for everyone that Bitcoin.com will continue to deliver focused products that help increase individual financial sovereignty,” the anonymous source explained.

Roger Ver

Longtime Bitcoin.com executive Mate Tokay is considered something of a Roger Ver right-hand man, the closest of confidants within the company’s inner circle. And when the first change in CEOs for the marquee crypto brand happened last year, away from the well-known and charismatic Ver to corporate veteran Stefan Rust, it was not too far fetched to assume Tokay was instrumental in his selection, promotion. That was summer of 2019.

Since then, the portal with a crazy-great domain name both expanded and cosmetically rebranded (a P2P exchange, formal crypto exchange, an IEO), and contracted. By early April of this year, however, Rust was out. “In these times, Bitcoin.com is looking for a leaner more guerrilla team,” Roger Ver stressed to CoinSpice at the time. It was a graceful exit, but sudden, and ultimately followed by layoffs of a rumored 60 or so employees not a week later. During the Rust departure and employee downsizing, Tokay was named CEO.

Winding Down the Concept of ‘The Executive Team’

Less than two months after Tokay’s ascendancy, Ver announced on May 20, 2020, “Mate is stepping down as CEO effective today. I want to personally wish Mate continued success in his next role.” It is unclear in Ver’s note to employees whether Tokay will remain with the company (Ver later told CoinSpice Tokay is “staying with me, and will continue to be my right-hand man”). Ver linked the shake-up to how “this industry can be chaotic, and we haven’t done enough to mitigate that fact or focus on creating long-term stability— especially lately. I know that this has really affected each of you personally. Many of you have spoken out and I also thank you for that.”

Roger Ver
Dennis Jarvis is new CEO of Bitcoin.com

Ver emphasized in “taking direct action rectify these problems that I realize have caused a big drop in morale,” his “goal is to bring more clarity to our mission, stability to the business, and do what I can to address our lagging morale. As such I am introducing a new, simpler leadership structure,” which appears to include not only a leadership change but that Bitcoin.com “will be based out of Tokyo, Japan from here on out.” He thanked Tokay “for his hard work over the years, and especially for stepping up as both first the COO and then the CEO of Bitcoin.com as we grew from just a few employees early on.”

Chief Product Officer Dennis Jarvis has been tapped as CEO, bringing “with him decades of product-driven leadership and experience which will be invaluable to us in the coming months and years for the next stage of our growth,” Ver praised. Jarvis has had stints at tech leaders such as Apple and Rakuten, and is highly regarded throughout Bitcoin.com, according to numerous sources.

Necessary More Than Ever for Me to Once and for All Step Back

“Next, I am also winding down the concept of ‘the executive team,’” Ver revealed, opting he insisted, “to have a single point of contact (Dennis) to manage the strategy, execution, and day-to-day obligations of the company.” Ver stressed the company has had “enough strong leaders” and that Bitcoin.com doesn’t “need ‘executives’ right now.”

Roger Ver
Roger Ver

Ver went on to give a glimpse into his own role in the company going forward. “I’ve given a tremendous amount of my time into this company over the years, but with these changes it is now necessary more than ever for me to once and for all step back from active day-to-day management,” he explained. “I didn’t reach this decision lightly given the current circumstances, but I feel it’s the best way for me to help rebuild morale by placing in charge the people who can get us from 1 to 100. Of course, outside of Bitcoin.com I will continue to focus my professional efforts and investments on the promise and vision of Bitcoin as peer-to-peer electronic cash for the world.”

Ver responded to CoinSpice, confirming the change in CEOs. He described Tokay as “a co-founder of Bitcoin.com It has been more than 5 years now,” and that the company will continue to be domiciled in St. Kitts. Ver also disclosed to CoinSpice he changed his title from Executive Chair to Founder.

Full Memo Text

“Bitcoin.com Team,

“First, I would like to start off this email off by thanking each and every one of you for your time, your hard work, your belief in our mission, and your passion for the projects you work on. Bitcoin.com would not be here today without the dedication of each and every one of you. I know that at times this industry can be chaotic, and we haven’t done enough to mitigate that fact or focus on creating long-term stability— especially lately. I know that this has really affected each of you personally. Many of you have spoken out and I also thank you for that.

“I promise you that your voices have all been heard loud and clear and we will do better. Effective immediately I am taking direct action [to] rectify these problems that I realize have caused a big drop in morale. My goal is to bring more clarity to our mission, stability to the business, and do what I can to address our lagging morale. As such I am introducing a new, simpler leadership structure for Bitcoin.com that will quickly help all of you feel as though you are connected to our mission and one another and part of a team that are proud to call your own.

“‘Focused leadership’

“The company has been through a lot these past two years. It is clear to me that in order for Bitcoin.com to grow, that we first need to become more focused from both a leadership point of view, as well as a physical location point of view. In other words, I am announcing that the company leadership is changing and that it will be based out of Tokyo, Japan from here on out.

“First, I want to sincerely thank Mate for his hard work over the years, and especially for stepping up as both first the COO and then the CEO of Bitcoin.com as we grew from just a few employees early on. Mate helped me tremendously in getting our company to where it is today, and for that I’m extremely grateful. But as is often with a growing company, there are times when leadership change is necessary to meet the changing needs of the business. For that reason, Mate is stepping down as CEO effective today. I want to personally wish Mate continued success in his next role.

“Next, it brings me great joy to announce that Dennis Jarvis, Chief Product Officer of Bitcoin.com, will be assuming the role of CEO of Bitcoin.com, also effective today. Dennis brings with him decades of product-driven leadership and experience which will be invaluable to us in the coming months and years for the next stage of our growth. He will be leading the company out of Tokyo alongside our senior engineers and managers and I am confident that with your support and amazing contributions he will be able to take us to new heights.

“Next, I am also winding down the concept of ‘the executive team’ at Bitcoin.com and have instead opted to have a single point of contact (Dennis) to manage the strategy, execution, and day-to-day obligations of the company. We have enough strong leaders in the company right in Tokyo [to] assist Dennis with this, and I have nothing but faith in their ability as a team to [continue] to grow the company. We don’t need ‘executives’ right now.

“I’ve given a tremendous amount of my time into this company over the years, but with these changes it is now necessary more than ever for me to once and for all step back from active day-to-day management of Bitcoin.com. I didn’t reach this decision lightly given the current circumstances, but I feel it’s the best way for me to help rebuild morale by placing in charge the people who can get us from 1 to 100. Of course, outside of Bitcoin.com I will continue to focus my professional efforts and investments on the promise and vision of Bitcoin as peer-to-peer electronic cash for the world. I look forward to seeing you around the office when I am back in Tokyo as well.

“Please stay tuned for more from Dennis, as I believe he also would like to address some more specific issues that have been affecting our morale lately.

“Best wishes,
Roger”

Bitcoin Cash

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