Kraken CEO Jesse Powell Steps Down After 11 Years

Posted on by Mary Jane
Estimated read time 2 min read
  • Jesse Powell has confirmed that he is stepping down from Kraken after 11 years of fearless leadership.
  • Chief Operating Officer Dave Ripley will take over from Powell.

Kraken co-founder and CEO Jesse Powell have announced that he is stepping down as the firm’s CEO. After launching the company 11 years ago, Powell has remained at the helm and has led it to become one of the largest cryptocurrency exchanges in the world. As of 2022, the cryptocurrency exchange was valued at $11 billion. The exchange offers over 150 cryptocurrencies to traders using its services. Compared to its U.S-based rival Coinabse, Kraken has been placed for offering higher staking rates and lower transaction costs.

In the crypto scene, Powell has been an influential figure. He has been vocal about the adoption of Bitcoin and the wider cryptocurrencies as well as crypto regulations. He has also been quoted saying he thinks Bitcoin will reach $1 million.

Since his announcement, he has been celebrated by other influential figures most notably Changpeng Zhao- the CEO and co-foundethe r of Binance crypto exchange.

https://twitter.com/cz_binance/status/1572665510273380353

In an interview, Powell noted that his stepping down was influenced by being tired of long hours and day-to-day management tasks. that lasted for the 11 years he was in charge.

For me, this is about spending more time on stuff which I’m good at and enjoy doing, like working on product and industry advocacy stuff,

Powell has further confirmed that he will stay on as the chairman in the company board.

In his place, Chief Operating Officer Dave Ripley will succeed in the coming months as Kraken CEO. Ripley has confirmed that there will be no ‘cultural changes.’ The new CEO added;

Jesse and I are in lockstep on culture and values though it does go without saying that I’m not the same level of cultural figure in terms of social media,

The leadership changes are unlikely to affect the exchange’s operations or indeed the crypto market.

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Mary Jane

A writer. A poet. A believer in financial innovation.

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