Kraken loses his mind

Kraken loses his mind

After eleven years at the helm of the exchange he co-founded, Jesse Powell is stepping down as CEO of Kraken. He will be replaced by current chief operating officer David Ripley, while he takes over as chairman of the company’s board of directors.

Jesse Powell lets go of Kraken management

For anyone who has been navigating the crypto ecosystem for a good number of years, Jesse Powell, the low-key but tenacious boss of Kraken, is a familiar figure. Also the announcement of his resignation at the head of one of the industry’s historic platforms marks a turning point and a change of erathat driven by a libertarian ideal where faith in technological innovation to change the world still prevailed over money stories.

Let’s not embellish either: Kraken is a commercial enterprise which of course sought profitability from the start, and as such, first bet on security to attract the cryptocurrency traders of the time, traumatized by the episode. Mt Gox. A winning bet. All the (rare) early crypto enthusiasts have at some point traded on the platform which has quickly earned a reputation for seriousness and solidity.

Work for the crypto industry differently

Fact, eleven years later, Kraken is still a major exchange, and its ex-CEO still believes in Bitcoin as a tool for financial empowerment. This is perhaps the key to his decision and his handover.

Dave’s proven leadership and experience gives 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 in Kraken Release

Clearly, Jesse Powell still wants to work to advance the crypto cause, but with greater freedom of action. A positioning that is reminiscent of that of Michael Saylor, who also recently resigned from his position as CEO of Microstrategy, to mobilize more on the company’s Bitcoin strategy. Last feat of arms: a new purchase of BTC in a hostile context.

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In a tightening regulatory environment, where centralized platforms are the first targets of regulatory measures, the former CEO is obviously not at the end of his resources to organize the offensive.

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