The resignation of Kraken's CEO, Jesse Powell, on September 21, has led to various speculations.
In Brief
Since its launch in 2011, Kraken CEO Jesse Powell has officially stepped down from his role.
Powell has been under the spotlight due to the controversial culture within his company.
Following Powell’s announcement, COO Dave Ripley is set to take on the role of Kraken’s new CEO.
In a recent meeting attended by all employees, Jesse Powell, who has been leading this pioneering crypto platform, announced his departure from the CEO position and will transition to serve as the inaugural chairman of the board. His successor, COO Dave Ripley, will assume leadership once a new COO is appointed. Kraken \"Dave’s track record and leadership experience instill me with confidence that he will be the perfect person to steer Kraken into its next growth phase,\" said Powell in a statement released post-announcement. \"I’m eager to focus more on enhancing our products, improving user experience, and advocating for the industry as a whole.\"
Jesse Powell, a graduate of California State University, Sacramento, began his journey in 2011 with an online shop named Lewt, which specialized in selling 'virtual potions and amulets'. For b es With a decade of experience, he was previously involved with the early cryptocurrency platform Mt. Gox before it collapsed in 2014. That same year, he co-founded Kraken alongside Thanh Luu, who is now on the board that Powell will soon chair.
As reported by Fortune, Powell clarified that his resignation is unrelated to the controversial atmosphere at Kraken. He mentioned, \"This transition is more about my desire to invest more time in areas I’m passionate about, like product development and industry advocacy,\" as he explained in an interview. the New York Times Although he plans to remain engaged with Kraken, he is expected to continue as one of its primary stakeholders.
There has been speculation regarding whether Powell’s resignation is connected to a backlash from a heated cultural dispute that erupted in June among the firm’s 3,000 employees, which primarily unfolded on their Slack workspace, eventually leading to the publication of a controversial document in Notion. bear market The so-called Tentaclemandments began innocently, featuring suggestions like \"We give each other the benefit of the doubt\" and \"Everyone is accountable for their own feelings.\" However, the tone shifted with phrases like, \"Being offended doesn't automatically equate to being right\" and \"Being offended doesn't inherently mean one is 'harmed'\". The guidelines felt increasingly authoritarian towards the end, with directives such as \"We do not label anyone's words as toxic, racist, or phobic\" and \"While respect is not demanded, it is encouraged.\" Fortune . Double emphasis.
In fact, Powell commented amid the media chaos, \"People react to everything and fail to adhere to the basics of open debate—Back to dictatorship.\" They even humorously introduced a 'Jet Ski Program' encouraging dissenters to leave, with the condition they wouldn’t return. shareholder .
Kraken's Christina Yee voiced concerns over Slack, stating that the CEO, company, and its culture won't undergo significant changes, and suggested finding work elsewhere if unhappy. Powell also tweeted that only 20 out of 3,000 staff members had exited. He maintains that this period has been a highlight of his tenure. Tentaclemandments of Kraken Dave Ripley joined Kraken several years back when the company acquired his crypto wallet business, Gildera, and was a co-author of the contentious culture document. Powell noted in a statement that Ripley’s promotion to CEO came after a thorough search process conducted over the past year.
Ripley mentioned that he shares cultural values with Powell, although he pointed out that he's not as prominent a cultural figure on social media.
Both Powell and Ripley told Fortune that despite the current downturn in the market, Kraken remains solvent owing to the reserves they accumulated during more favorable times. Nonetheless, the company is bracing for potential fines due to an inquiry by the Treasury Department over regulatory violations.
While Powell intends to stay involved in some capacity and remains vocal, he hinted at his ongoing interest in a future Kraken IPO.
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Vittoria Benzine, based in Brooklyn, is an art writer and personal essayist specializing in contemporary art with a focus on human narratives, counterculture, and chaos magic. Her work has appeared in publications like Maxim, Hyperallergic, and Brooklyn Magazine.
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