March 31, 2023

Jesse Powell, co-founder and CEO of cryptocurrency exchange Kraken, has reportedly resigned after more than 11 years at the platform.

According to Bloomberg’s report on Wednesday, Powell will be successful As CEO by Chief Operating Officer Dave Ripley, who has been with Kraken since 2016. The former CEO will remain with the crypto exchange as board chair, while the company searches for a new COO in the coming months.

Powell is said to have decided to step down because of the Kraken’s growing size: “It’s more worn down on me, less fun.” He added that he still plans to be “very engaged with the company.”

Related: Kraken granted crypto trading license in UAE

As the leader of Kraken since 2011, Powell took over the US-based exchange in its early years in the crypto space. In 2022, he announced that Kraken would close its global headquarters in downtown San Francisco, and criticized “vigilante activists” for not being fit to work on crypto exchanges.

Cointelegraph reached out to Kraken, but did not receive a response at the time of publication. This story is developing and will be updated.