Kraken CEO and Co-founder Jesse Powell Steps Down

Kraken CEO and Co-founder Jesse Powell Steps Down
  • The exchange’s COO, Dave Ripley, has been promoted to CEO, replacing Powell.
  • Kraken was established in 2011 and has its headquarters in San Francisco.

According to the company, Jesse Powell, co-founder and CEO of cryptocurrency exchange Kraken, has left his position. Moreover, the exchange’s COO, Dave Ripley, has been promoted to CEO, replacing Powell.

The former CEO was quoted as saying that as Kraken expanded, it became “less fun”. And more of a drain to operate the firm. Furthermore, he continued by saying he has every intention of being actively involved with the crypto startup he co-founded.

The Vocal CEO

He expressed his excitement about being able to focus more on the company’s products. As well as the user experience, and advocacy for the industry at large. Moreover, according to statistics provided by CoinGecko, Kraken is presently the ninth biggest cryptocurrency exchange. With a 24-hour trading volume of about $647.8 million. Moreover, Kraken was established in 2011 and has its headquarters in San Francisco, California. Making it one of the early exchanges.

In June, when Kraken took a stand against what was called an “anti-woke” mindset. The company’s vocal CEO caused a stir by encouraging employees to instead concentrate on cryptocurrency.

A statement from the corporation stated:

“We will never ask that our employees adopt any specific political ideology as a requirement for our workplace. That said, we ask that our employees respect the individual rights, privacy, and freedoms of others. Crypto is a freedom movement, and Kraken will remain a freedom company.”

The U.S. Treasury Department started looking into Kraken back in July. Anonymous Kraken employees informed The New York Times that the exchange may have allowed clients from Iran and other sanctioned nations to utilize its services, prompting the probe.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.