The Smarter Web Company, the South West tech firm pioneering the adoption of Bitcoin payments, has appointed corporate lawyer Martin Thomas as an independent non-executive director.
Thomas, currently non-executive vice chairman of US natural gas business Diversified Energy Company (DEC), joins Bristol-based Smarter Web as it continues to pioneer adoption of Bitcoin, holding reserves and surplus cash in the cryptocurrency.
The firm, which specialises in web design, web development and online marketing services, is already the UK’s largest publicly traded company holding Bitcoin on its balance sheet.
Two years ago it adopted a policy of accepting payment in Bitcoin, saying it believed the cryptocurrency would form a core part of the future of the global financial system.
Thomas joined DEC 11 years ago and is currently a member of its audit & risk and nomination & governance committees, having previously also served on its remuneration committee.
Last November it transitioned from a FTSE 250 company to a primary listing on the New York Stock Exchange. This followed a reorganisation into a Delaware-incorporated US company, while maintaining a secondary listing on the London Stock Exchange’s Main Market.
For the past four years Thomas has also been a consultant at London law firm Wedlake Bell, where he was previously a partner Since January 2022, Martin has also been a consultant at the law firm Wedlake Bell LLP, where he was previously a Partner between January 2018 and December 2021.
During his more than 35-year legal career, he has specialised in advising on IPOs (initial public offerings) and secondary offerings of equity and debt on the London capital markets, corporate governance requirements for UK-listed companies, corporate finance and merger and acquisition work.
He has advised clients operating in a variety of sectors including oil and gas, renewable energy, natural resources and mining, financial services and early-stage technology.
He has also held senior management positions other law firms, including seven years as the European managing partner of a global law firm headquartered in the US.
Andrew Webley, CEO of The Smarter Web Company, said he brought a strong legal background to the business alongside “valuable experience of different public markets at different stages of growth”.
He added: “His breadth of knowledge and perspective will be highly complementary to the existing board, and we believe his insight and experience will be critical to our journey as we continue to execute our strategy.”
Thomas said he was excited to join The Smarter Web Company’s board “at such a pivotal time”.
He continued: “Andrew’s vision for building a forward-thinking, UK-led technology business resonates.
“I am looking forward to working with Andrew and the other board members and to playing an active role in strengthening and further developing the company’s existing corporate governance framework as it continues its growth and evolution.”