- Jesse Powell has left his position as CEO of Kraken, a position he has held since the company was founded in 2011.
- He will be succeeded by Kraken’s COO, Dave Ripley, who has been part of the company for six years.
- Powell will remain involved with Kraken and serve as the company’s chairman of the board.
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Jesse Powell is stepping down as CEO of major crypto exchange Kraken.
Jesse Powell is stepping down.
according to statement From Kraken, Powell will leave his role as CEO to become the company’s chairman. As one of the founders of Kraken, Powell has served as the company’s CEO since its founding in 2011.
Dave Ripley, Kraken’s chief operating officer, will succeed Powell as Kraken’s next CEO.
Ripley has worked with Kraken for the past six years. Powell said Ripley’s experience gives him “great confidence that he is the perfect heir”. Ripley added that, as CEO, he aims to “accelerate crypto adoption” by expanding Kraken’s portfolio of products.
In the meantime, Powell will remain involved with the company in other ways. He says he will spend some time on “Kraken’s products, user experience, and broader industry advocacy.”
Powell has been a strong advocate of the free use of cryptocurrencies. Earlier this year, he criticized the Canadian government’s attempts to seize protesters’ cryptocurrency funds. He also refused to freeze Russian cryptocurrency accounts outside the scope of the sanctions.
This summer he criticized the penalties for Tornado Cash, arguing that the coin mixer has legitimate uses and that individuals have a right to privacy.
Powell also made controversial statements on various social and political topics. in JuneHe encouraged a number of left-wing activists to leave the company.
The row does not appear to have led to Powell’s resignation, as he was on track to step down a year ago.
With or without Powell at the helm, Kraken is one of the largest cryptocurrency exchanges. It currently has a valuation of $11 billion and a daily trading volume of $665 million.
Disclosure: At the time of writing, the author of this article owns BTC, ETH, and other cryptocurrencies.