Kraken, a top five crypto exchange operating in the US, has announced that Kraken CEO Jesse Powell will step down and be replaced by current COO Dave Ripley.
In a blog post, Kraken explained that after a “rigorous” search Ripley was selected for the CEO position as Powell moves to the Chairman of the Board of Directors.
“Dave’s proven leadership and experience give me great confidence that he’s the ideal successor and the best person to lead Kraken through its next era of growth. I look forward to spending more of my time on the company’s products, user experience and broader industry advocacy.”
Ripley was credited with helping the digigal asset marketplace scale from 50 to more than 3000 employees as the crypto industry grew. He also helped to manage 16 acquisitions while securing multiple regulatory licenses – vital to operating in the US.
Kraken noted that it has evolved from just a Bitcoin marketplace to robust crypto platform that includes various trading tools, staking services, futures trading and an OTC desk. Kraken is expected to soon launch its an NFT marketplace.
Kraken has been building out its executive bench including the hire of CFO Carrie Dolan – who at one time worked for LendingClub.
Powell was known for being an outspoken leader. This past June, Powell spoke out against intolerant, woke employees offering severance if they did not want to work in an environment that was tolerant of freedom of speech.