CEO Of Crypto Exchange Kraken Leaves His Role

✍️ 29 December, 2023 - 9:23 👤 Editor: Jakub Motyka

• Jesse Powell will step down as CEO of Kraken, after 11 years of leadership.
• He will be succeeded by the current COO, Dave Ripley, and will become part of the management board.
• Powell reaffirmed his commitment to Kraken.

Jesse Powell, co-founder and CEO of cryptocurrency exchange Kraken, has decided to step down after leading the company for more than 11 years. According to a announcement made by the platform this Wednesday, he would become president of the administrative board. In his place, current COO Dave Ripley will take over as CEO.

Kraken is one of the largest cryptocurrency exchanges in the world, and a leader in volume and liquidity of European currencies. It offers a custody and exchange service for more than 185 digital assets and 8 different fiat currencies, including GBP, EUR, USD, CAD, JPY, CHF, AUD and AED. It has more than 10 million customers worldwide, and offers professional and specialized technical support.

What Has Motivated The CEO Of The Kraken Exchange, Jesse Powell, To Leave His Position?

The now ex-CEO of Kaken revealed that the decision to leave his position was due to the growth of the platform. In his words, “it just became more exhausting for me, less fun”. At the same time, Powell added that he remained committed to the company, and would continue to work for it as chairman of the board of directors.

Jesse Powell led Kraken from the time of its founding in 2011. Last year, the exchange was fined $1.25 million by the US Commodity Futures Trading Commission dollars for "illegally" offering leveraged retail commodity transactions. For this reason, it decided to move its headquarters from San Francisco. It has been the first exchange in the United States to obtain an SPDI banking license in the state of Wyoming.

What Will Kraken's New Administration Look Like?

The CEO position will be handed over to current COO Dave Ripley, who has been part of the Kraken team since 2016. He claimed to be "in tune" with Powell's goals of doing everything possible to accelerate the adoption of cryptocurrencies.

On this, Ripley noted that "united by our culture of prioritizing cryptocurrencies, we empower people to transact and connect in new ways." This, although it could mean a big change for the company, indicates to users that future decisions will remain aligned with the main philosophy of the company.

Latest crypto news:

• Countdown To Cardano (ADA) Vasil Hard Fork Update
• Leaked Plan Of Celsius (CEL) To Return The Money To Its Customers
• The First Video Game Console With An Integrated Crypto Wallet