Cryptocurrency stock market Kraken In a statement on Wednesday, the first bitcoin announced that Jesse Powell, one of his supporters and co-founder of the company, plans to step down as CEO.
Dave Ripley, current chief operating officer, will replace Powell.
Cryptocurrency Exchange Kraken Resigns Despite CEO Stays With The Company
As Kraken’s largest shareholder, Powell will remain chairman of the board.
Planning to remain active with the company, Powell will devote his time to product development and industry advocacy.
Powell has been an ardent critic of the US government’s cryptocurrency regulation. Kraken had decided to cease operating in New York in 2015 rather than comply with the regulations of the New York Department of Financial Services.
Kraken was founded in 2011, about two years after Bitcoin was launched. It is currently the fourth largest crypto exchange by spot trading volume, according to CoinMarketCap.
Although based in the US-Delaware, the company’s largest markets are in Europe.
The company was most recently valued at $10.8 billion and has approximately 3,200 employees, according to PitchBook.
The company is in the process of replacing a number of senior executives and hiring even as others in the industry apply for layoffs.
In March, Kraken hired Carrie Dolan as its chief financial officer. In April, he appointed Mayur Gupta as the marketing manager. The company said it expects to hire a new compliance officer in the next few weeks.
The company will start looking for a new operating manager to replace Ripley. Both Ripley and Powell will remain in their current positions until this quest is concluded.
*Not investment advice.
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