Key Takeaways
- Jesse Powell, born in 1979, is the co-founder of Kraken and holds a philosophy degree from California State University, Sacramento.
- Before Kraken, Powell led Lewt, Inc., an online gaming company offering virtual currencies and services for MMORPG players.
- He co-founded Kraken in 2011 with Thanh Luu and Michael Gronager, launching it in 2013. He was CEO until 2022 and became Chairman.
Who Is Jesse Powell?
Jesse Powell, born in Sacramento, California, in 1979, co-founded Kraken, a top cryptocurrency exchange. Kraken started in 2011, is known for its strong security, leading role in Europe, and achievements like proof-of-reserves audits and helping create the first cryptocurrency bank. He went to California State University, Sacramento, and earned a degree in philosophy, focusing on ethics and law.
Entrepreneurial Journey
Lewt, Inc.
Before Kraken, Powell was the CEO of Lewt, Inc., an online gaming company. Lewt provided virtual currencies, items, and power leveling services for MMORPG players.
Kraken Co-Founding and Leadership
Jesse Powell co-founded Kraken in 2011 with Thanh Luu and Michael Gronager, officially launching the exchange in 2013. He is now Chairman after stepping down as CEO in September 2022. Powell helped make Kraken a trusted platform by focusing on security and offering a wide range of trading options.
CF Benchmarks
In 2018, Powell founded CF Benchmarks Ltd., a company providing digital asset indexes managed by the UK’s Financial Conduct Authority (FCA). Kraken bought the company in 2019.
Verge Gallery & Studio Project
Powell also started the Verge Gallery & Studio Project in Sacramento. The project supported local artists by offering free workspace and showcasing contemporary art.
Powell Opposes Too Many Crypto Rules
Powell has strongly supported the use of cryptocurrency and often disagreed with too many rules. Similar to the rules the New York Attorney General wanted to apply, they needed to be fixed. He believes these limits could slow down growth and new ideas in crypto.
Inflation Concerns
In 2020, Kraken had high trading volumes and grew in new countries, reopening in Japan and starting in Australia. At the same time, Powell questioned U.S. money policies during the pandemic and said a stable digital currency was needed to fight inflation.
Launch of Kraken Bank
In 2021, Kraken celebrated its 10th anniversary and took a big step to connect crypto and regular finance by starting Kraken Bank in Wyoming. This was an important moment in bringing cryptocurrency into traditional financial services.
Stepping Down As CEO
In September 2022, he resigned as CEO to focus on developing products and supporting the crypto industry’s growth. However, he remained chairman of Kraken’s board and continued to lead the company.
Verge Center of Arts Controversy
In July 2023, Jesse Powell was accused of hacking and cyberstalking at the Verge Center of the Arts, which led to an FBI raid on his home. No charges were filed, and his lawyer said he was innocent and that it wasn’t related to his work in cryptocurrency. Kraken, the exchange Powell co-founded, said it wasn’t involved. Powell then sued Verge, saying he had the right to access emails and was still a board member, even though he was removed in 2022.
Public Speaking and Commentary
Jesse Powell’s impact on cryptocurrency goes further than his role at Kraken. He has helped shape the future of crypto through his public views and support for policy changes. His ideas on regulation and governance have inspired many entrepreneurs and developers to discover decentralized technologies and push for a fairer financial system.
Powell’s Lasting Impact on Crypto
Jesse Powell’s impact on the cryptocurrency industry is still growing, but his legacy as a supporter of financial freedom and decentralized technologies is already clear. As the crypto world develops, his leadership will continue to inspire change. Whether through his work with Kraken, his efforts for regulatory changes, or his vision for decentralization, Powell’s influence will shape the future of crypto.
Final Thoughts
Jesse Powell’s journey from co-founding Kraken to his ongoing role in cryptocurrency shows his focus on security, new ideas, and decentralization. He helped make Kraken a trusted platform and introduced key features like proof-of-reserves audits and Kraken Bank, which linked crypto to regular finance.
Powell’s other projects, like CF Benchmarks and the Verge Gallery & Studio Project, show his many interests. Even though he faced some problems, Powell’s impact on the crypto industry is strong. His work for financial freedom and better rules will continue to shape the future of cryptocurrency.
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