Kraken: Jesse Powell, its CEO, resigns!

Kraken CEO and co-founder Jesse Powell has announced that he is stepping down from running the exchange, but will continue to work on it and drive cryptocurrency adoption. He will be replaced by Dave Ripley, who currently serves as the company’s chief operating officer.

Leave Kraken to better influence the ecosystem?

In the business world, the comings and goings of managers and employees is normal, even healthy. However, some people end up embodying entire ecosystems in their own way, so much so that their departure or change of function represents a small earthquake.

Kraken’s longtime co-founder and CEO Jesse Powell is stepping down from his role with the cryptocurrency exchange. The latter will however remain among the decision makers at Kraken since he will remain the majority shareholder of the company and will sit on the board of directors.

The CEO has been planning to leave for about a year, during which time he has been eyeing a successor, according to people familiar with the matter. Jesse Powell, who is on a mission to drive cryptocurrency adoption, said he will continue to work in that direction while improving Kraken’s user experience and the products offered on the platform.

“For me, it’s mostly about spending more time on the things I’m good at and love to do. Like working on product and industry advocacy”

In other words, Jesse Powell wants to leave the company because the crypto industry needs political leverage, especially the need to form a united front through lobbying. By being freed from the management of Kraken, Powell will have more time and energy to influence strategic decisions to help the crypto ecosystem.

Dave Ripley, the chief operating officer of Kraken, will take over as Glidera, a crypto holding company of which he was CEO at the time, was acquired by the exchange. According to Bloomberg, the transition will take effect in the coming months from the appointment of a new chief executive.

Jesse Powell a controversial character

Jesse Powell built what is now one of the largest exchanges in the world. In fact, Kraken is now the fourth largest exchange by volume, with a 24-hour volume of over $840 million.

Kraken made headlines last July after being fined by US authorities for violating international sanctions. Jesse Powell is a firm believer in the idea of ​​Bitcoin (BTC), which offers unlimited financial inclusion.

The exchange made headlines after it was fined last July for allowing residents of Iran, Syria and Cuba to use the platform for trading, arguing that “n ‘anyone, anywhere should be able to trade cryptocurrencies’.

A month ago, in June, a New York Times article referred to a “corporate culture war” within Kraken, with Jesse Powell objecting to the use of pronouns for his employees, but also condemning the momentum of “awakening” in companies.

The exchange platform has been repeatedly mentioned for such cases, including through illegal activities. This time, she returns to the front of the stage for something completely different.

For his part, Binance CEO Changpeng Zhao welcomed the move, saying that now is indeed the time for the company to grow independently.

At the same time, many non-fungible tokens with the image of the entrepreneur appeared on the market. A user also honored Jesse Powell by giving him one of his coins as a gift. This approach proved to be highly appreciated by the principal concerned.

Note, however, that Kraken employees seem to appreciate the company. Indeed, it employs more than 3,000 people and has announced 500 additional jobs in the open market.

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Kraken: Jesse Powell, its CEO, resigns!

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