Jesse Powell, cofounder of crypto-exchange Kraken, plans to step down from his position as CEO. First reported by the Wall Street Journal.
After Ripley is replaced, Kraken’s chief operating officer Dave Ripley will assume the role of CEO.
According to a company press release, Powell intends to continue his involvement with Kraken. Powell will be the chairman of Kraken’s board. He will also continue to work on product development and advocacy for crypto industry.
COO Dave Ripley to replace Jesse Powell’s role
One of the most controversial company-related scandals this year has been Powell. He was an early advocate for bitcoin (BTC), and he founded Kraken in 2011. Powell criticised a group of “woke activists” within the company, and advised unhappy employees to leave. This sparked a social-political debate which roiled the crypto sector and the wider world.
According to reports, Kraken was under investigation by the U.S. Treasury Department after allegedly allowing Iranian users access the platform – in violation of international sanctions against Iran.
Powell denied these controversies prompted him to resign as CEO. He told Bloomberg that he had informed Kraken’s board about his impending departure more than a year ago.
Instead, he attributed the decision to boredom.
Powell stated to Bloomberg that as the company has grown, it’s become more draining and less fun.