Jesse Powell, the co-founder and CEO of cryptocurrency exchange Kraken, will be stepping down after leading the platform for more than 11 years.
According to a Wednesday announcement, Kraken said Powell will be succeeded as CEO by chief operating officer Dave Ripley, who has been with Kraken since 2016. The soon-to-be former CEO will stay with the crypto exchange as the chair of the board, while the company searches for a new chief operating officer.
Ripley said his goals were “in lockstep” with Powell’s amid his rise to the new leadership position. The soon-to-be former CEO reportedly said his decision to step back was due to Kraken growing in size: “It’s just gotten to be more draining on me, less fun.” Powell added he still planned “to stay