Kraken CEO Jesse Powell will be replaced by David Ripley, Kraken’s chief operating officer (COO), who has been with the company for six years, the press release said.
However, the change is not immediate, but is expected to be completed as soon as a replacement for Ripley has been found. According to Kraken, that should be within the next few months. Dave Ripley had joined Kraken when it acquired Glidera, a crypto wallet funding service where he was co-founder and CEO.
Jesse Powell, Kraken is in excellent hands with David Ripley
On the other hand, Powell is not retiring entirely from operational activities, but will continue to serve on the company’s board of directors. The Kraken crypto trading platform was launched in 2011, so it has been more than ten years since Jesse Powell headed this crypto exchange known for its seriousness and security, Kraken has indeed never been hacked.
On his Twitter account, Jesse Powell wrote:
Kraken is in excellent hands with David Ripley. I will continue to be very engaged as CEO. Thanks to the team for believing in me, our investors for taking the risk and all my industry peers on the front lines.
Jesse Powell’s departure may in fact be part of the company’s plan to prepare for a future IPO in the US when the market is more favorable.
Jesse Powell commented:
“Dave’s proven leadership and experience give me great confidence that he is the ideal successor and the best person to lead Kraken into its next era of growth.
I look forward to spending more time on the company’s products, user experience and broader industry advocacy.”
Jesse Powell’s departure has been welcomed by many major players in the crypto industry including the CEO of Binance who says “Hats off to Jesse Powell for building Kraken for 11 years.”
In the midst of a sluggish crypto market, Kraken stands out, along with Binance and FTX, as one of the crypto exchanges that is showing very good financial health. and actively continuing to grow around the world.
“My vision, along with the rest of the management team, is aligned with Jesse’s, to accelerate the adoption of crypto currency,” said Dave Ripley, Kraken’s incoming CEO.
David Ripley will therefore soon take the reins of a crypto exchange that is operating in slow motion against the backdrop of a crypto bear market that is expected to last for months to come.