Adam Back has served as one of our directors upon the trading of our securities on Nasdaq. Dr. Back is a prominent figure in the cryptocurrency industry, renowned for his contributions to cryptography and his role as the co-founder and Chief Executive Officer of Blockstream, a blockchain technology company. He is best known as the inventor of Hashcash, the pioneering proof-of-work system that serves as a foundational element of Bitcoin mining.

Under Dr. Back’s leadership, Blockstream, established in 2014, has demonstrated growth and is propelling the bitcoin ecosystem forward. Since inception, the company has secured substantial funding, including a $76M Series A in 2016, a $210M Series B in 2021, and a $125M convertible note in 2023. This funding has enabled Blockstream to expand its Bitcoin mining services and further develop its layer-2 technologies. In October 2024, under Dr. Back’s leadership, Blockstream secured an additional $210M to expand its Bitcoin Treasury, positioning it as one of the world’s largest. Dr. Back has played a substantial role in Blockstream’s growth, leveraging his business acumen and extensive knowledge of the blockchain and cryptocurrency industry.

Prior to founding Blockstream, Dr. Back held senior roles in the technology industry, including serving as division Chief Information Security Officer at Dell EMC Corporation, a subsidiary of Dell Technologies (NYSE: DELL), from 2008 to 2010 and as Co-Founder and Security Architect of PI Corporation, a p2p collaboration software company, from 2003 to 2010. He has also held positions at Microsoft, VMware, and Zero-Knowledge Systems, and has advised companies on cryptography and peer-to-peer finance.

Dr. Back earned a Ph.D. in computer science from the University of Exeter. His research delved into the intricacies of distributed systems, laying the groundwork for his contributions to the field of cryptocurrency.

Dr. Back is well-qualified to serve as a director due to his business background, deep understanding of the blockchain space, and experience in the cryptocurrency industry.