June 7, 2023

Jesse Powell, the co-founder and CEO of cryptocurrency exchange Kraken, is reportedly stepping down after more than 11 years at the platform.

According to Bloomberg on Wednesday, Powell will succeeded Chief Operating Officer Dave Ripley, who has been with Kraken since 2016, serves as CEO. The former CEO will remain chairman of the cryptocurrency exchange’s board while the company is looking for a new chief operating officer in the coming months.

Powell reportedly said he decided to quit because of Kraken’s growing size: “It’s getting tired and less fun for me.” He added that he still plans to “stay in close contact with the company.” .

related: Kraken Receives Cryptocurrency Trading License in United Arab Emirates

As Kraken’s leader since 2011, Powell has led the U.S. exchange through the early days of the cryptocurrency space. In 2022, he announced that Kraken would close its global headquarters in downtown San Francisco, and criticized “awakened activists” as unfit to work on the cryptocurrency exchange.

Cointelegraph reached out to Kraken but did not hear back at the time of publication. This story is developing and will be updated.