Abits names Phillip Balatsos, Andrew Hancox to board as Tao Xu, Chuan Zhan exit

Abits named Stephen Faucetta as chief investment officer.

Tao Xu resigned from the board effective Aug. 5, 2026, and Phillip Balatsos joined as an independent director.

Balatsos is a senior financial markets executive with more than 25 years of experience across FX and emerging markets. He has held roles at Barclays, Credit Suisse and XP Investments.

Chuan Zhan also resigned effective Aug. 5, 2026, and Andrew Hancox joined as an independent director.

Hancox founded Block 8 Ventures. He previously co-founded Katapult and served as COO, helping raise more than USD 250 million.