Jesse Powell, chief executive of major cryptocurrency exchange Kraken, has stepped down and will be replaced by current chief operating officer Dave Ripley, the company announced Wednesday.
Powell was an early supporter of Bitcoin and co-founded the Kraken exchange in 2011, just two years after the creation of the world’s largest cryptocurrency. He reportedly remains the exchange’s largest shareholder and will remain chairman of the board. Wall Street Journal.
The transition is expected to take place in the coming months. Ripley will take over after Kraken finds a new COO.
Powell will remain active despite stepping down as CEO, the report said. He plans to focus his time on product development and industry advocacy during his tenure as executive chairman of the company.
Outspoken executive told 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 just made me more exhausted and less fun,” Powell said.
“Kraken has a great relationship with David Ripley. As chairman, I will continue to be highly involved. A big thank you to the team for trusting me, our investors for taking the opportunity, and all my industry peers on the front lines ,” he tweeted Wednesday.
according to Coin market value, Kraken is the fourth largest cryptocurrency exchange by spot trading volume, after Coinbase. It is the 14th largest exchange by derivatives trading volume. The company is headquartered in Delaware, but most of its markets are in Europe.
According to data from brochure, the Kaken cryptocurrency exchange has about 3,200 employees and is valued at $10.8 billion. The company has about 106 investors.
in an interview Wealth encryption, Ripley said there would be no change to the company’s liberal culture. On the other hand, Powell left some bullish comments about Bitcoin for cryptocurrency investors.
“The world is a constantly changing place,” he said, adding, “Bitcoin is antifragile and a safe haven for what’s going on in the traditional financial system.”