Kraken Under New Management

Market Meditations | September 22, 2022

Kraken was founded in 2011, 2 years after Bitcoin’s inception. Co-founder and CEO, Jesse Powel, has been at the helm since 2011 and is now stepping down. When leadership changes under these climates surrounding controversy and a bear market, questions arise.

  • After leading the platform for more than 11 years, Powell is stepping down. He will be succeeded by Dave Ripley (chief operating officer) who has been with the company since 2016.
  • Kraken’s largest shareholder and former CEO, Powell, will stay with the exchange as the chair of the board.
  • He reportedly stepped down due to Kraken’s growth saying, “It’s just gotten to be more draining on me, less fun.” He says he still plans “to stay very engaged with the company.
  • Kraken is currently the fourth largest crypto exchange by volume (according to CoinMarketCap). They did not get there without a deep commitment to crypto. That was seen in 2015 when instead of following regulations from NY’s Department of Financial Services, Kraken decided to stop operating in New York.

Ripley says that his goals are “in lockstep” with Powell’s. Assuming he holds his end of the bargain, this crypto exchange is sure to continue its progression as it has for the last 11 years.