Cryptocurrency While acknowledging that there are “big tasks to fill,” the new CEO of exchange Kraken, Dave Ripley has laid out an ambitious strategy for how the company plans to navigate global regulation, the challenges it faces, and how it will target individual investors.
In a little over a decade since its founding in July 2011, Kraken is a global company responsible for $16.25 billion in volume last August alone. bitcoin and turned into a cryptocurrency exchange.
“We Will Continuing the Legacy of Jesse Powell”
After Jesse Powell, Kraken’s co-founder and CEO, stepped down, Ripley said Powell has a legacy to carry on.
Ripley touched on the following topics in his interview:
“The most fundamental role Kraken has played since the early days is to be a bridge. It was originally just a bridge for cryptocurrencies in general. To buy and use bitcoin. But looking forward, I think we want to expand this bridge to many other areas of crypto.”
Ripley said Kraken will immediately focus on growing its team and introducing new products and services, amid what he described as an overall market slowdown worse than previous bear markets.
These products and services include an NFT marketplace that will offer the ability to store NFTs and allow users to buy and sell them with any digital asset in their account.
Kraken Assigns an Army of Lawyers to Fight New Regulations in Cryptocurrency
According to the new CEO, one of Kraken’s biggest challenges when introducing new products and services is to evaluate the regulatory frameworks in each jurisdiction in which it operates.
Ripley said this task is “a significant challenge in the industry, especially for a company like Kraken.”
Ripley explained that Kraken, as a centralized entity that works with fiat currencies and has a foothold in both financial services and crypto, has commissioned an army of experts.
The company has a team of 50 legal personnel, 300 key compliance specialists, and “several hundred” others in the general operational compliance team.
Ripley said Kraken will develop its consumer-facing apps, which has been the company’s biggest growth area since its launch in 2020. This will include providing consumer traders with access to “simpler and understandable” versions of some products used by professional traders.
Kraken will also roll out a revamped user interface that is already live on the mobile app.
*Not investment advice.
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