Kraken CEO Jesse Powell steps down: Report

Jesse Powell, founder and CEO of cryptocurrency exchange Kraken, has reportedly resigned after more than 11 years on the platform.

According to a Wednesday report from Bloomberg, Powell will be replaced as CEO by Chief Operating Officer Dave Ripley, who has been with Kraken since 2016. A new COO in the next few months.

Powell reportedly decided to back out because of the Kraken’s growing size: “It was getting more and more tiring on me, less fun.” He added that he still plans to be “very involved with the company.”

Related: Kraken has been awarded a crypto business license in the United Arab Emirates

As the leader of Kraken since 2011, Powell took the US-based exchange through its early years in the crypto space. In the year Kraken has announced that it will close its global headquarters in downtown San Francisco in 2022 and has criticized “active activists” as not suited to work on crypto exchanges.

Cointelegraph reached out to Kraken, but did not receive a response at the time of publication. This story is getting better and better.