Resignation announced of Jai Patel, whose liquidated crypto firm was relaunched as Stack BTC this year
The chief executive of a bitcoin company promoted by Nigel Farage has left his role as the venture attempts to convince investors that it is going to deliver “long-term value” for shareholders.
Stack BTC was launched to much fanfare in March this year, with Farage and former chancellor Kwasi Kwarteng becoming some of its first shareholders. The company says its founder is Paul Withers, a friend of the Reform UK leader who owns a gold bullion company that Farage has also promoted, Direct Bullion.
However, Stack BTC is a renamed company which was founded in 2021 by Jai Patel, whose departure as chief executive was announced on Wednesday. The company, formerly called Kasei Investment Holdings, invested in cryptocurrency and a range of other digital assets. It aimed to encourage over-45s to invest their money in cryptocurrencies.
Kasei was liquidated last year. It launched with $6.1m (£4.5m) in share capital, but on liquidation returned approximately $3.4m (£2.5m) to shareholders and removed most of the board. The company said at the time it failed because of “a combination of adverse market conditions, volatility in digital asset valuations and an inability to raise further capital” which “left the company without the critical mass or funding necessary to execute its investment objectives”.
