Jesse Powell, the outspoken and often controversial co-founder of the Kraken cryptocurrency exchange, said he’s stepping down as chief executive officer to spend more time on the company’s products and broader industry advocacy.
Powell, 42, who is being succeeded by Chief Operating Officer Dave Ripley, 45, will become chairman of the board. The transition is expected to take place over the next few months once a new COO is selected.
“As the company has gotten bigger, it’s just gotten to be more draining on me, less fun,” Powell said in a video interview on Tuesday. “I still plan to stay very engaged with the company” as the largest shareholder and member of the board.
Powell earlier this year encouraged any “woke” employees who can’t align with the company’s culture and values to leave. In July, the New York Times reported that Kraken is under a US Treasury investigation for suspected violations of Iran sanctions. Powell earlier declined to comment on the report.
Powell said he...
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