Jesse Powell is the co-founder and CEO of the international crypto exchange Kraken, but not for long. According to Kraken himself has resigned Powell from his position to focus on other matters. Powell will remain as chairman of the board.
Reason for leaving crypto exchange
Jesse Powell himself indicates that the position of CEO became increasingly difficult for him as the company grew. Especially managing all kinds of things that did not interest him started to annoy him more and more. The role of CEO was, according to the words of Powell“less and less fun”.
Despite resigning from his position as CEO, Powell remains active within the company he founded in the early days of crypto. “I look forward to dedicating more of my time to the company’s products, improving the user experience and acting as an ‘advocate’ for the industry,” Powell continued.
Kraken is currently the industry’s eighth largest exchange, with trading volume of nearly $650 million over the past 24 hours. Current COO Dave Ripley is to take over from co-founder Jesse Powell. As soon as the new COO is found, Ripley will start working as CEO.
Cracking towards IPO?
There have long been rumors that Kraken wants to make the move to the stock market. At the moment, now that the crypto winter is in full swing, it does not seem a good time for that either. Still, the departure of Jesse Powell as CEO is fueling the rumors again. Powell has not proven himself in recent years as a CEO that fits a listed company.
Just last month, Powell spoke out against the decision to put Tornado Cash users on a sanctions list. According to Powell, everyone has the right to “financial privacy” and went on to say that he believes this decision will not stand up in court.
Incidentally, this is not the first time that Powell has been in the news in this way. These are statements that are commendable, because he does not choose the easy way and stays close to himself. However, it can be disastrous for a listed company to trade against the government. After all, the shares can take a considerable hit from that.