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Markets  + Alternative Assets  + Crypto  | 
Jesse Powell, CEO of Crypto Exchange Kraken, to Step Down

Jesse Powell, CEO of Crypto Exchange Kraken, to Step Down 

Jesse Powell will step down from his role as CEO of cryptocurrency exchange Kraken, according to the Wall Street Journal. David Ripley, Kraken’s COO, will take over as CEO in the coming months.  

Powell plans to remain on the board of Kraken as chairman and will continue working on product development and crypto industry advocacy. 

The outspoken Powell, an early advocate of bitcoin, founded Kraken in 2011 and has been at the center of several company-related controversies this year. 

The news comes as the crypto industry is in a bear market 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 below $20,000. 

Kraken is currently the fourth largest crypto exchange measured by spot-trading volume, according to CoinMarketCap.  

Though it is incorporated in Delaware, the company’s largest markets are in Europe. It was most recently valued at $10.8 billion, according to PitchBook, and has about 3,200 employees. 

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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