Jesse Powell steps down as CEO of Kraken

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Key points to remember

  • Jesse Powell is stepping down as CEO of Kraken, a position he has held since the company was founded in 2011.
  • He will be replaced by Kraken COO Dave Ripley, who has been with the company for six years.
  • Powell will remain involved with Kraken and will act as chairman of the company’s board of directors.

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Jesse Powell will step down as CEO of leading cryptocurrency exchange Kraken.

Jesse Powell resigns.

According to a statement of Kraken, Powell will step down as CEO to become chairman of the company’s board of directors. As co-founder of Kraken, Powell has served as the company’s CEO since its inception in 2011.

Kraken’s current COO, Dave Ripley, will succeed Powell and become Kraken’s next CEO.

Ripley has worked with Kraken for six years. Powell said Ripley’s experience gives him “great confidence that he is the ideal successor.” Ripley added that as CEO, he aims to “accelerate cryptocurrency adoption” by expanding Kraken’s product portfolio.

Powell, meanwhile, will remain involved with the business in other ways. He says he will dedicate time to Kraken’s “products, user experience, and broader industry advocacy.”

Powell has been a strong advocate for the free use of cryptocurrency. Earlier this year he criticized the of the Canadian government attempts to seize cryptocurrency funds belonging to protesters. He also has refused to freeze Russian crypto accounts out of scope of sanctions.

This summer, he criticized the sanctions imposed on Tornado Casharguing that the coin mixer has legitimate uses and that individuals have a right to privacy.

Powell has also made controversial statements on various social and political topics. In Junehe encouraged a number of left-wing activists to leave the company.

It does not appear that this dispute led to Powell’s resignation, since he has been in the process of resigning for a year.

With or without Powell at the helm, Kraken is one of the biggest crypto exchanges. It currently has a valuation of $11 billion and a daily trading volume of $665 million.

Disclosure: At the time of writing this article, the author of this article owned BTC, ETH, and other cryptocurrencies.

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