Kraken CEO Jesse Powell moving to Chairman role to focus on crypto industry advocacy

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Kraken’s Co-founder and CEO Jesse Pow­ell is step­ping down from his posi­tion and will be replaced by the firm’s  COO Dave Rip­ley, accord­ing to a Sept 21 press state­ment.

Pow­ell will become the chair­man of the company’s board; he will now be focus­ing on prod­uct devel­op­ment and cryp­to indus­try advocacy.

The press release stat­ed that Rip­ley had act­ed as the cryp­to exchange’s COO for the past six years. Dur­ing this peri­od, he helped grow the firm’s work­ers by 60x and assist­ed in “16 acqui­si­tions and secured a sig­nif­i­cant num­ber of glob­al reg­u­la­to­ry licens­es and partnerships.”

Rip­ley said his vision would be to “accel­er­ate” cryp­tocur­ren­cy adoption.

Rip­ley is expect­ed to assume his new posi­tion after the firm com­pletes its search for a new COO.

Ear­li­er in the year, Pow­ell was in the news for say­ing some of the firm’s employ­ees were a “bad fit.” Then, he said employ­ees were asked to either com­mit to the com­pa­ny or receive their pay and leave.

Pow­ell also said he hoped to buy a Bugat­ti with 1 Bit­coin (BTC) before the end of the year.

Under Pow­ell, Krak­en was able to cement itself as one of the lead­ing cryp­to exchanges in the world. Accord­ing to Coingecko data, the exchange’s trad­ing vol­ume is over $632 million.

Post­ed In: Krak­en, Exchanges

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