Jesse Powell, chief executive officer of major cryptocurrency exchange Kraken, has resigned and will be replaced by current chief operating officer Dave Ripley, the company announced Wednesday.
Powell is an early supporter of Bitcoin and co-founded the Kraken exchange in 2011, just two years after creating the world’s largest cryptocurrency. He will still remain on the board as the exchange’s largest shareholder and chairman, according to The Wall Street Journal.
The move is expected to take place over the next few months. Ripley will take over after Kraken finds a new COO.
Reports suggest that Powell will remain active despite stepping down as CEO. He plans to focus his time on product development and industry advocacy while serving as the firm’s executive chairman.
Outspoken executive Dr Bloomberg In an interview he confirmed his decision to step down as CEO of the board a year ago. “As the company got bigger, it became more draining on me, less fun,” Powell says.
“Kraken is in great hands with David Ripley. I’ll be extremely engaged as chairman. Thanks to the team for trusting me, our investors for taking the opportunity and everyone on the front lines of my industry,” he tweeted. Wednesday.
As CoinMarketCap, Kraken is the fourth largest crypto exchange by spot volume, just behind Coinbase. It is the 14th largest exchange by derivatives volume. The firm is based in Delaware but finds most of its markets in Europe.
According to data from Pitchbook, the Kaken crypto exchange has about 3,200 employees and a $10.8 billion valuation. The firm has around 106 investors.
In an interview with Dr Fortune Crypto, Ripley stated that the libertarian culture of the company will not change. On the other hand, Powell left crypto investors with some bullish words on Bitcoin.
“The world is a changing place,” he added, “and Bitcoin is a safe haven from what’s happening in anti-fragile and legacy financial systems.”