Jesse Powell  Reveals Why He Quit As Kraken CEO

Jesse Powell Steps Down as Kraken's CEO

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Jesse Powell served as CEO of Kraken since the company was founded in 2011.

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He made history as Kraken became the 1st crypto industry firm to receive a special-purpose depository institution (SPDI) charter from the Wyoming Division of Banking.

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Powell is to be succeeded by Kraken's COO, Dave Ripley, who has been part of the company for 6 years.

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Powell expressed a desire to focus more on the product and "less time dealing with all the random business obligations that the CEO has".

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He also added that Ripley's skillset is "better suited" to what Kraken needs right now.

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Powell's resignation, comes at a time when the cryptocurrency market is in jeopardy.

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Bitcoin remains closely linked to the stock market, and the Fed's decision to continue raising rates could cause turmoil in the coming months.

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