Kraken taps insider Ripley to replace CEO Powell


Stock Markets 1 hour ago (Sep 21, 2022 03:30PM ET)

Kraken taps insider Ripley to replace CEO Powell © Reuters. Kraken cryptocurrency exchange logo is seen in this illustration taken July 28, 2022. REUTERS/Dado Ruvic/Illustration

(Reuters) – Crypto exchange Kraken said on Wednesday Chief Operating Officer Dave Ripley would replace top boss Jesse Powell, who is stepping down after more than a decade at the helm.

Ripley, who joined Kraken in 2016 when it bought his startup Glidera Inc, will take on the chief executive’s role after the company finds a new COO, Kraken said.

Powell will become chairman of Kraken’s board, the company added.

Earlier this year, the outgoing CEO drew criticism when the company refused to block accounts of Russian users, following the country’s invasion of Ukraine, citing the “libertarian values” of cryptocurrencies as one of the major reasons behind the decision.

The company has over 9 million clients, according to its website, and processes over $207 billion worth of trades every quarter.

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