October 1, 2022

Key Takeaways

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

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Jesse Powell will step down from his role as CEO of major cryptocurrency exchange Kraken.

Jesse Powell retires.

According to a statement from Kraken, Powell will step down from his role as CEO and become chairman of the company’s board of directors. As a 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 the Kraken for the past 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 will remain involved with the company in other ways in the meantime. He says he will spend time on Kraken’s “products, user experience and broader industry advocacy.”

Powell has been a vocal proponent of the free use of cryptocurrency. Earlier this year, he criticized the Canadian government’s attempts to seize cryptocurrency funds belonging to protesters. He also refused to freeze Russian crypto accounts outside of the sanctions.

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

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

This dispute does not appear to have led to Powell’s resignation, as he has been in the process of retiring for a year.

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

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

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