The outspoken co-founder and CEO of the kraken cryptocurrency exchange, Jesse Powell, On Wednesday, he announced he was stepping down as the company’s CEO to focus more on the company’s products and broader industry advocacy.
42-year-old cryptocurrency advocate to take over as chairman of the board once COO Dave Ripley succeeds him.
The changes are expected over the next few months and will include the company appointing a new COO in place of Ripley, 45.
In a interview with Bloomberg, Powell said: “As the business got bigger it got more exhausting for me, less fun. I still plan to remain very involved in the company as a major shareholder and member of the board of directors.
Powell had asked ‘woke’ employees to quit
Earlier this year, Powell had urged the company’s “woke” employees, who could not adjust to the company’s culture and ideals, to quit.
The US Treasury is reportedly investigating Kraken for alleged Iran sanctions violations, according to a July New York Times article.
Powell previously chose not to respond to the report.
Crypto Winter caused a stir in top companies
Following the collapse of the crypto markets, a number of crypto firms have reshuffled their management, including Kraken.
Michael Moro, the CEO of the cryptocurrency brokerage firm Genesisand Sam Trabucothe co-CEO of Alameda Searchretired last month.
Michael Saylor, longtime CEO of MicroStrategy Embedded MSTR, resigned from his position after the software provider announced a quarterly loss of more than $1 billion due to the drop in the price of Bitcoin BTC/USD.
Kraken was founded in 2011 and was one of the first exchanges to offer margined spot trading, regulated derivatives and index services. According to data from CoinMarketCap, Kraken has grown over time to become one of the largest in the US. cryptocurrency exchanges and is ranked fourth among all spot exchanges in the world to date.
However, the ongoing crypto winter has had a negative impact on the industry as a whole.
According to data source CryptoCompare, Kraken’s global market share among the top 15 exchanges has declined by around 32% since the start of the year.
Kraken closed its San Francisco offices this year and went remote.
More than 3,300 people work for the company internationally.
Are you ready for the next bull run in cryptocurrency? Be ready before that happens! Hear from industry thought leaders like Kevin O’Leary and Anthony Scaramucci at the Benzinga Crypto Conference 2022 on December 7 in New York.
Photos: Jesse Powell, courtesy of Kraken