Kraken CEO Jesse Powell Steps Down

Crypto exchange Kraken is restructuring its leadership team.

CEO Jesse Powell will no longer lead the company he founded in 2011. Dave Ripley, chief operating officer at the exchange for the last six years, will succeed Powell once the search for his own replacement as COO has been completed.

Powell will remain at the company, however, becoming the chair of the board of directors. He is currently Kraken’s largest shareholder.

Powell shared in a statement that stepping down as CEO will enable him to spend more time on the company’s products, user experience and industry advocacy. 

Ripley stated in a press release that his vision, “along with the rest of the leadership team, is in lock-step with Jesse’s – to accelerate the adoption of cryptocurrency.” 

Kraken has over 3,000 employees and has recently replaced other top executives.

The company hired Carrie Dolan as chief financial officer in March and then named Mayur Gupta its chief marketing officer in April.

Back in June, Kraken released a “culture document” that attempted to explain the company’s culture, which ended up being a controversial move.

Kraken is the fourth-largest crypto exchange in terms of spot-trading volume, according to CoinMarketCap.

The exchange also has plans to launch its own NFT marketplace soon.

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