Kraken CEO Jesse Powell steps down from his position. Powell stated that he is taking a step back from his CEO position. He stated that he wants to expand his attention to various other products of the firm and be an industry advocate.
Jesse Powell, the CEO of Kraken, is stepping down from the top job at the cryptocurrency exchange he founded in 2011. The company announced the news on Wednesday, adding that longtime Chief Operating Officer Dave Ripley will succeed Powell in the coming months.
The shake-up is significant as Powell has been an influential figure in the crypto scene since Bitcoin’s early days, growing Kraken from a small startup to a major exchange with a reputation for product innovation.
Powell claimed that he informed the board of his preference more than a year prior, and the business finally chose Ripley after considering its options. Additionally, Ripley said he was eager to forward the Kraken mission.
Over time, Kraken grew to become one of the largest US cryptocurrency exchanges. In an interview with Bloomberg last month, Powell stated that he would never gamble against bitcoin. A Lambo will cost one bitcoin by the end of the year, and a Bugatti the next year, according to Jesse’s projections for the cryptocurrency industry.
“As the company has gotten bigger, it’s just gotten to be more draining on me, less fun.(…). I still plan to stay very engaged with the company as the largest shareholder and member of the board,”.Powell stated in an interview on Tuesday
Powell had earlier this year encouraged the awake Kraken employees to leave the company. According to reports, Kraken was being looked at for allegedly violating federal regulations by providing services to Iranians. The US Department of Treasury was investigating Kraken, according to persons with knowledge of the case.
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