Steven Ehrlich is at Messari’s Mainnet Summit, where news today has quickly spread amongst attendees.
In an all-hands meeting Jesse Powell announced that he is stepping down as CEO of the crypto exchange that he founded back in 2011. He will be replaced by long-time COO Dave Ripley.
Powell will become the company’s first chairman of the board and plans to remain active at the firm.
“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,” said Powell In a press release issued following the publication of this article. “I look forward to spending more of my time on the company’s products, user experience, and broader industry advocacy.”
Ripley joined Kraken side years ago when the exchange acquired Glidera, a crypto wallet firm that he co-founded and of which he served as CEO.
According to a source familiar with Powell’s thinking, he had been considering stepping down for some time, and a search for the new CEO had been ongoing for over a year.
The news comes as the crypto industry is in the midst of a bearish period that has seen more than $2 trillion wiped from its market capitalization and seen the price of bitcoin fall from close to $70,000 to $19,321.00 as of 2:37 pm EDT.
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